One in five accountants 'have no pension savings'

English street
By Andrew Harbison, CA Today

12 April 2016

A shift in attitudes towards pensions sees more accountants relying on property wealth for their retirement, according to a new study, with a fifth saying they have no pension savings at all.

A survey conducted by high net worth retirement lending adviser Bower Private Clients found that one in eight accountants plan to fund all of their retirement by either selling their current house, or collecting rent from buy to let properties.

Andrea Rozario, Chief Corporate Officer at Bower Private Clients, believes that the recent  "squeeze on pension and investment income" is forcing some accountants to consider alternative financial plans for their retirement.

Andrea went on to say: "Accountants can earn significant incomes and can accumulate a wealth of assets like property and increasingly are looking to property as a source of retirement income."

However, the research found that the average accountant is reasonably confident with their retirement plans and pension. Over half have a defined contribution pension, with an average of 48% of retirement funds coming from pensions and 42% from property.

Half of those who took part in the survey also said that they have reviewed their pension plans within the last 12 months.

Source: Bower Private Clients

Topics

  • Accountancy

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