27th February 2014
Over 40% of landlords relying on property as sole means for retirement, survey reveals
A survey of independent landlords has shown over 40 per cent are putting their trust wholly in property as their means for pension provisions.
The survey of 879 property investors, shows 42.4 per cent, with a further 49 percent using it as a major part of their income for their later years.
The findings by the Property Investors Network (pin), comes less than a fortnight after the Financial Conduct Authority said millions of pensioners are getting a poor deal from the annuity market.
“We have a situation now where there is an endemic loss of faith amongst traditional financial institutions, and the public believe that good old bricks and mortar remain the best way forward,” said Simon Zutshi, founder of the Property Investors Network(pin).
Mr Zutshi, who’s organization hosts 41 property networking meetings each month across the UK, ad is a best-selling property author, said the consensus amongst those involved in property investment is it should be allowed the tax benefits given to other types of pension provision.
“The tales we’ve heard in recent years of highly paid bankers being utterly reckless with the futures of many, plus other tales of woe by those looking after our money, shows that the public should be entrusted with more control over their futures and SIPP (Self-invested personal pension) should allow residential property as part of a solid portfolio.”
The FCA said in its recent report that millions of pensioners were getting a raw deal due to poor annuities, with the regulator also highly critical of price comparison websites used by some people to buy an annuity, saying that every one of the 13 sites it looked at was guilty of poor practices.
An annuity provides a regular income from the pot of money that a pension plan holder has accumulated during their working life. At retirement, an estimated 60% of people simply take the deal offered by their pension provider, even though they are entitled to shop around and make use of the so-called open market option.
“State pensions are on the decline and private pensions are under invested in,” added Mr Zutshi. “Yet the performance of property historically provides enough evidence to provide a compelling argument as a means for pension provision. We hope these findings will add to the debate.”
Simon Zutshi, Founder of Property Investors Network (pin)
Notes to Editors
Property expert, author, serial entrepreneur, and inspirational speaker
Simon Zutshi is the author of the Amazon best-seller Property Magic, as well as the founder of the Property Investors Network (pin), which has educated and empowered thousands of investors throughout the UK and Ireland.
Simon began investing in property in 1995 and within 6 years he was able to give up his corporate job at Cadbury’s due to to the passive income from his property portfolio. He became financially independent by the age of 32.
Simon has gone on to become a thought leader in his industry. In 2003 he pioneering property networking in the UK when he set up the property investors network, designed to provide a supportive, inspirational and friendly environment to help people become more successful property investors.
The organisation has flourished into Britain’s largest property networking organisation with monthly networking meeting in 41 locations around the UK, attracting thousands of investors to meetings every month.
In 2007 Simon also conceived the Property Mastermind Programme, a 12 month support programme for serious investors which can help anyone to build a £1 million property portfolio and gain a £50,000 income in a year.
Focussing on ethical ways to invest in property, to create additional streams of passive income, it has given hundreds of individuals the ability to help other people whilst building long-term wealth.
A remarkably driven individual, Simon is a much sought after professional speaker, who has a thirst for knowledge involving maximising human potential. As well as talking on property investing, he also speaks on wealth creation, business growth and Internet marketing. He is a member of the Professional Speakers Association (PSA)
In his spare time he relaxes with good films, cooking and fine dining and when getting away from it all enjoys taking to Europe’s ski slopes.
Anyone wishing to interview Simon Zutshi should contact:-
Nolan PR – 01564 822861/07505133302 www.nolanpr.co.uk