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&#39Teps can provide extra funds for retirement&#39

Nearly half of the people in the UK who have retired before 65 wish they had made greater financial provision, according to a survey for traded endowment provider Policy Portfolio.

The research, carried out by Taylor Nelson Sofres for Policy Portfolio, questioned 1,004 adults and found that 47 per cent of those already retired before 65 regret not making extra provision.

The figures also reveal that only 9 per cent who had retired under 65 described themselves as “very secure” financially.

Policy Portfolio managing director Brian Goldstein says that many of these people could have built up extra funds through investing in a Tep.

He says Teps provide a good pension funding alternative because advisers can select policies that will mature on a chosen retirement date and at regular intervals throughout their client&#39s retirement.

Goldstein says: “Many of us would like to feel that it is still possible to retire early. Careful financial planning can go a long way towards making this possible. In the current bear market and with the new pension shortfalls hitting the news each week, it may be appropriate for IFAs to advise their clients to consider alternative pension funding options.

“Teps offer the advantage of guaranteed bonuses that cannot be taken away. In many cases these bonuses exceed the purchase price of the Tep so in these circumstances the investor cannot lose money.”

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