Nottingham to help with retirement planning

Nia Williams

November 10, 2009

The initiative is part of a major financial planning service that was launched by The Nottingham in June. The service, launched in conjunction with Towergate Financial, is designed to help local people obtain impartial and appropriate advice, and find appropriate pension, investment and insurance products that are sourced from the whole of the market.

Two events are being hosted by The Nottingham between 11 and 18 November at its West Bridgford and city centre branches. A further event will take place on 25 November at the society’s branch in Grantham.

“The future of our customers is important to us, and that’s why we are urging them to start understanding the importance of planning for their retirement,” commented Lorraine Giddings, the Nottingham’s head of branch network.

“Local people have a real desire to sort out their long-term financial situations. But we are discovering many don’t really know where to start.

“That’s why we are rolling out the seminars. In just over an hour, we can explain to people what the challenges of the next 20 years are likely to be – and give them expert advice on what they can do to ensure they put themselves in the best position to live the lifestyles they want, long into the future.”

According to official Department of Works and Pensions (DWP) figures, half of UK adults currently don’t have a personal pension and by 2030, the basic state pension will be equivalent to less than 10% of average earnings – that’s roughly £2,500 per annum at today’s values.

In addition, occupational pension schemes in the UK are experiencing significant difficulties and have deficits amounting to hundreds of billions of pounds.

And with more than 39% of people who reach retirement age wholly dependent on the state pension to live – and that figure likely to rise significantly between now and 2030 – The Nottingham believes the time has come for local people to act decisively.

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