Retirement news
Never too young for a pension, says insurance expert
17 April, 2007
Young professionals up and down the UK are being advised that it is never too early to start contributing to a private pension scheme
Jonathan French from the Association of British Insurers revealed that a private pension scheme was a good idea for young people to consider, suggesting that the earlier you begin, the greater the return will be later in life.
"You can never be too young to start saving for a pension. Pensions are of course, by their very nature, long-term investments. And long-term investments, generally speaking, have a very good record for providing excellent returns," he said.
Mr French's advice comes amid recent rumblings about chancellor Gordon Brown's decision to scrap pension tax relief back in 1997.
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The chancellor is also under pressure from opposition parties after the inflation rate rose to 3.1 per cent in March, above the target two per cent.
And Mr French insisted it was important for people to think very carefully about taking out a private pension scheme.
"Quite often employers will offer a pension scheme through the workplace. There are different types of scheme available, but it will be dependent on what scheme, if any, your employer offers," he added.<img alt="copyright" src="http://feeds.directnews.co.uk/feedtrack/adferocopyright.gif?feedid=844&itemid=18120675" />
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