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Do I really need a personal pension?

This pension sector is one which is never far from the headlines of the financial press although it is one which many people do not fully seem to understand. A number of the UK population have never even considered a personal pension and unfortunately many are not in a position to fund such a financial arrangement for the future. However, do you really need a personal pension?

While the vast majority of us will qualify for a state pension upon retirement the truth is that even though the UK government has recently changed pension regulations so that the state pension will be linked to inflation, or at least wage inflation, in the future the real value of the state pension has fallen dramatically over recent times. There are few people in the UK who could afford to live even the most basic standard of living if the state pension was there only income.

Unfortunately, with the cost of living in the UK set to rise further in the short, medium and longer term this situation will get very much worse. When you also consider that the UK government is looking to find alternative means for funding the cost of living in later life, due to the massive burden the state pension places upon the public sector budget, the personal pension will become more of a necessity than an option for many in the future.

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