Increased retirement age makes private pensions more important for farmers, says NFU Mutual

Following yesterdays spending review, insurance, pensions and investments specialist NFU Mutual is advising investors to make the most of their pension contributions, given the Chancellors decision to raise the State retirement age.

The State retirement age for men and women will be increased to 66 by 2020, four years earlier than expected, in order to save 5 billion a year. Commenting on the decision, Shelagh Hamer, pension expert at NFU Mutual, said:

This rise in the State retirement age makes private pensions all the more important for people who want to enjoy a longer retirement. Its never too early or too late to start investing in a private pension. And, with changes coming into effect from 2020, theres still plenty of time to build a substantial pension pot.

Anyone looking to scale back their work commitments before they receive their State pension can still start drawing a private pension from the age of 55. People with private pensions will still be able to access their State allowance once they reach State retirement age.

Growing retirement savings with regular contributions is tax-efficient and many work schemes will also benefit from employer contributions. Investors looking for an independent forecast on what their current pension could pay out and how paying in more could benefit later should visit www.moneymadeclear.org.uk.

With over 300 Agency offices throughout the UK, NFU Mutual members wanting to discuss their financial provisions can book an appointment with an NFU Mutual Financial Consultant. Members can even arrange a home visit to talk through their finances in the comfort of their own living room.

NFU Mutual Financial Consultants advise on NFU Mutual products and services and in special circumstances those of other providers. For more information on NFU Mutuals pension products, members can visit their local branch, visit www.nfumutual.co.uk , or call 0800 622 323.

About NFU Mutual:

NFU Mutual offers a wide range of products, including general insurance, life, pensions, investments and risk management services. These products and services are delivered through the agency network, as well as through a direct sales and service centre.

With over 300 offices located in rural towns and villages throughout the UK, NFU Mutual has become part of the fabric of rural life and remains committed to serving the needs of people who visit, live or work in the countryside.

NFU Mutual is The National Farmers Union Mutual Insurance Society Limited (No. 111982). Registered in England. Registered Office: Tiddington Road, Stratford upon Avon, Warwickshire CV37 7BJ. A member of the Association of British Insurers.