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Young deterred by pension plan
18 March 2008
New rules removing the compulsion to buy an annuity are immaterial for young people saving for retirement, according to a leading financial planner.
More importantly, says Des Hamilton, director of TPAS, is the problem that young people do not see saving for a pension as important because retirement seems too far off into the distance.
Mr Hamilton said that there are a host of reasons that young people are sluggish when it comes to finances for the future.
"The sort of things that put young people off are affordability, their ability to be able to save and put money away, and they simply find it difficult to bring retirement within their financial horizon," he said.
Mr Hamilton added: "It's just something that's so far off and so remote compared to their next holiday or their next car or whatever it may be that immediate expenditure is more their focus. Looking beyond that, they'll be thinking about a mortgage."
An annuity is an investment product that gives a guaranteed income in exchange for a lump sum payment. 
