Small business owners in Britain have unrealistic pension expectations and could be sitting on a retirement ‘time bomb’. This was just one of the conclusions of a report we released last week for the Forum of Private Business (The Forum) and Clifton Asset Management.
The report, “Pensions and Small Business – Ticking Time Bomb or Hidden Treasure?”, stated that small business owners – particularly those aged 50+ – have unrealistic expectations of the methods they are using to fund their retirement. The report warned that without a positive change in attitude to using their pensions to back their businesses, they may face more working years and less financial security.
Many of the enterprise and small business journalists covered the story, with pieces in The Mail on Sunday, The Times, Smallbusiness.co.uk, Startups.co.uk, Business Matters, AccountingWEB, and Financial Planning Today. Four viewpoints were also supplied to the press for the week of the launch and Adam Tavener of Clifton Asset Management and pensionledfunding.com was interviewed live on Share Radio.
According to The Forum’s Ian Cass:
“With many pension pots not providing sufficient income for retirement, there’s a perception of ‘irrelevance’ or dead money by many pension-owning SMEs. Even though they don’t currently deliver adequate returns for many, we would encourage them to consider the risks and rewards of leveraging them in a smarter way in order to develop the value of their businesses.”
DWP devised and commissioned the research with YouGov and The Forum, developed the report content, design and infographics, assisted in preparing the report viewpoints, and launched the news story under embargo to coincide with the two-year anniversary (5th April) of Pension Freedoms. March was naturally a very busy, but enjoyable month!