Financial news categories
Financial news archive
- July 2010
- June 2010
- May 2010
- April 2010
- March 2010
- February 2010
- January 2010
- December 2009
- November 2009
- October 2009
- September 2009
- August 2009
- July 2009
- June 2009
- May 2009
- April 2009
- March 2009
- February 2009
- January 2009
- December 2008
- November 2008
- October 2008
- September 2008
- August 2008
- July 2008
- June 2008
- May 2008
- April 2008
- March 2008
- February 2008
Pensions vital to help savings
26 August 2008
It is important that people save into a company pension scheme if they want a good standard of living when they retire, claims the National Association of Pension Funds (NAPF).
Lane Clark & Peacock LLP (LCP) that UK pension schemes of the FTSE 100 companies had a net deficit of £41 billion but the NAPF feel this has been overstated and pensions remain the best way to save for retirement.
Michelle Lewis, senior policy adviser, NAPF, said: "Saving into a company pension scheme remains vital if people want to enjoy a good standard of living when they retire."
According to Ms Lewis, when you compare savings accounts with pensions, pension schemes benefit from greater tax breaks.
"It can never be emphasised enough that members of company schemes enjoy tax relief on their contributions as well the benefit of any employer contribution." She added.
According to the 2008 'Cost of Retirement' report issued by Life Trust Insurance retirement in the UK costs a typical household £413,000.
Search for the best UK Banking and Savings accounts
