Opening Hours

Open at 9:00am on Monday

Opening Hours

  • Monday - Thursday

    9:00am - 8:00pm

  • Friday

    9:00am - 5:30pm

  • Saturday

    9:00am - 5:00pm

  • Sunday

    Closed All Day

Our Address

Key, Baines House,

4 Midgery Court, Fulwood,

Preston, PR2 9ZH


0808 252 9170

Poor pension choices 'could delay retirement age'

10 February 2012

Individuals coming up to their planned retirement date may be forced to continue to work as a result of poor pension choices made earlier in life.

This is according to a report for the National Association of Pension Funds (NAPF) by the Pensions Policy Institute (PPI), which found the wrong choice of annuity could cut a saver's potential pension income by almost a quarter (24 per cent), perhaps leading to homeowners investigating other options including lifetime mortgages in a bid to improve their financial position.

Early 70s

It was noted those who do not ensure they are going to get the best possible pension deal and annuity rates could be facing the prospect of having to work into their early 70s as a result.

Chief executive of the NAPF Joanne Segars stated that the PPI report indicates those who ensure they get a good deal on charges and annuities "can mean the difference between enjoying retirement and spending years more at the desk".

"High charges can eat away at a savings pot and both workers and employers should try to keep them down. The annuity system can seem complicated but savers can help themselves by shopping around to get the best possible rate," she said.

Meanwhile, the Daily Telegraph noted annuity rates have been in decline for the last 20 years.

Financial difference

Ms Segars pointed out the report by the PPI highlights how there are a wide range of things people can do to secure a decent pension for their later years, including saving from a young age, extending their working life by a couple of years and increasing their pension contributions.

However, for some it may be too late and they may be forced to evaluate some of the other options available to them in a bid to boost their finances and ensure they are going to have enough money left to cover their care bills later in life.

Using the equity release calculator from Key Retirement Solutions could prove to be a good first step for those who want to learn more about unlocking cash from the value of their home.