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20/08/2009 17:32:46

Retirement advice 'more important than ever'

It is currently more important than ever before that people get retirement advice that is well suited to their individual needs, it has been suggested.

The claim comes from Simon O'Connor, head of products and marketing at Lincoln Financial Group, in response to research from corporate consultancy Watson Wyatt.

In its study, the consultancy found that half of defined benefit pension schemes in UK workplaces are expected to close by 2012.

Already, three-quarters of those surveyed have stopped accepting new members to their schemes.

But only nine per cent have so far halted existing members from being able to make further contributions.

Mr O'Connor says: "Now, more than ever, it is important for people to seek financial advice to work out a retirement plan that will suit their individual circumstances and provide them with a guaranteed income."

He adds that Lincoln Financial Group's own research suggests that 41 per cent of Britons' retirement incomes would run out if they were to live to the age of 85.

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