Mark Nind of RJB Financial Services talks personal pensions
Managing director of RJB Financials, a provider of advice for retirement planning, Mark Nind, spoke with The Parliamentary Review’s Jonathan White about personal pensions.
Nind notes that “effectively a lot of the business is built on the back of group personal pensions. Although people did suffer, as it where, it was either a case of be in the pension or not.”
He continued that it “helped in some ways because a lot of the business was on group pensions. It wasn’t someone, say investing a sum of money or being spooked by the market and wanting to come out.”
In conclusion, Nind recalled that “we were quite protective of that at the time, but I’m not saying it was an easy period because it wasn’t.”
His comments come at a time when the Resolution Foundation have disclosed that pensions are a key driver in Briton’s household wealth.
Between 2016 and 2018 some 42 per cent of household wealth was held in pensions, in comparison to the 35 per cent which was held in property.
This is an almost direct reversal of the situation between 2006 and 2008.
According to George Bangham, a policy analyst at the Resolution Foundation, “pension pots have increased in value by 70 per cent over the past decade. This has been driven more by lower interest rates and rising longevity than by higher pension enrolment, though the latter will have more of an impact over time.”
You can listen to the full podcast on the following channels: