Property investment suggested as alternative to pensions

Thu, 23 Aug 2007

Property investment could be a savvy way to diversify investing in a pension , according to an industry expert.

The chief executive of The Pensions Advisory Service (TPAS), Malcolm McLean, said property investment is one way of "not putting all your eggs in one basket".

He suggested people have a retirement plan in place and to ensure they have a diverse investment portfolio .

"Investing in property instead of a pension is fine, as long as you have the means to do it," Mr McLean commented.

It is important for people to be aware of alternative investment options available to them, the expert said, as in the long-term it will be their own responsibility to ensure they are able to lead the kind of life they want.

While many people say they wish they had invested in property rather than a pension, according to Mr McLean, this is not always an option for many people.

"The rewards in property investment - in people's minds - seem to outweigh financial rewards from pensions," he concluded.

According to the Office for National Statistics, there were 8.1 million pensioners in the UK in the 2005-06 financial year.

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