Its nationwide survey found 64% would like to see a Retirement Minister in the Coalition Government with another 11% unsure. Just 25% of over-55s said they would not support the appointment of a new Minister.
The strong backing for an increased Government focus on retirement issues comes ahead of major legislation on the State Pension and long-term care and the launch of auto-enrolment for workplace pensions aimed at encouraging more people to save more for their retirement.
Primetime Retirement, which pioneered the fixed-term annuity in the UK as Living Time, believes the strong backing for the new Government role reflects a growing realisation that the whole concept of retirement is changing which needs new solutions from both Government and the private sector.
Primetime Retirement marketing director Stuart Wilson said: “The over-55s realise that the old retirement of working to 60 or 65 and relying on a company pension has gone forever and that a new retirement reality is taking shape.
“Strong support for the appointment of a Retirement Minister shows there is a demand for innovation and leadership as the country grapples with the changing retirement issues.
“Of course appointing a Minister won’t solve all the issues but it would help focus the Government and other stakeholders on the need for more options in the retirement income debate.”
Men are more supportive of the appointment of a Retirement Minister with 68% backing the new role compared with 60% of women.
Primetime Retirement has seen strong demand from IFAs and clients as low annuity rates drive interest in alternatives to conventional annuities including fixed-term annuities.
The Primetime Retirement Plan offers advisers and clients a combination of a fixed income for six years which is not affected by age or gender plus a Protected Maturity Amount at the end of the six-year term. Primetime Retirement also has structured deposit versions of its plan which offer the potential for investment upside. All of its plans include Value Protection Plus death benefit as standard, a valuable lump sum benefit for those looking to pass on as much of their fund as possible should they die prematurely.
The first issue of the Retirement Plan opened on March 12th and its current issue closes on August 24th. More details are available at www.primetimeretirement.co.uk