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Pension Wise admits property trumps pensions That Britain is obsessed with property is nothing new, but now one of the top bosses of Pension Wise the Government's pension guidance service has admitted pensions are seen as property's 'poor relation'.
Speaking at a briefing on equity release in the House of Commons this week Michelle Cracknell, chief executive of The Pensions Advisory Service which runs Pension Wise's telephone guidance sessions, saidthe pension industry had got its image 'completely wrong'. And she said the perception that pensions were a worse option than buy to let was potentially endangering people's ability to pay for themselves throughout retirement. Relative to property, we're the poor relation. Property has the branding right, pensions hasn't 'Why have we got it so wrong that people think that renting out a property is more straightforward than choosing one of the retirement options available for them from pensions?' she said. 'We do feel that relative to property, we're the poor relation. Property has got the branding right, pensions hasn't. 'People are far more positive about investing in property, and in fact people are saying, if I could just access my pension, I could buy some rental property and that will provide my retirement income.' Cracknell revealed that almost a quarter of the enquiries dealt with by Pension Wise related to property in some way with many people suggesting they want to take advantage of the pension freedoms to withdraw their cash to buy a property. 'People see that as a much more comfortable situation to be in than, for example, having a guaranteed income from their pension,' she said. 'So we have got something completely wrong with the branding and how people perceive risk when they compare pensions and property.' Cracknell is not the first high profile official figure to tackle this issue. Last year the Bank of England's top economist Andy Haldane caused outrage after claiming that buying a home is a better investment than saving into a pension. Indeed, figures from Key Retirement suggest that since 2010, retired homeowners have seen the value all pandora charms of their homes grow 37 per cent around 66,000 on average for every homeowner. Owning a home has been worth around 9,400 a year for over 65s. While Cracknell did not pandora for sale online commit Pension Wise to including property within its pension guidance remit, she accepted that property would have to become a bigger part of the retirement income debate than it is currently. She said: 'It would be great if we could get a balance between property and pensions, and I don't think we have that. 'When we ask people how they plan to make up their retirement income, they say their state pension, their workplace pension and property forms another element either by downsizing or through equity release, they'll be using their property to fund retirement. 'The pensions world and property world are, I believe, coming closer together.' Her comments came after official Government figures published this week revealed that 6.45billion was withdrawn from pension funds in the financial year 2016/17 up from 4.3billion in the previous year. Payments were made to 393,000 individuals up from 230,000 in 2015/16. Cracknell warned that pension scammers had started to exploit those using the pension freedoms to fund the purchase of pandora jewellrey property. 'We're often asked whether a pension or property is better and we get people ask about taking their pension cash to invest in property overseas. A lot of those are connected with some horrendous schemes,' said Cracknell. 'When we talk about pension scams, we include legal activity where the individual has been encouraged to invest in very high risk schemes. Property rates right up there as the most significant investment being offered to them as the nirvana for stretching their pension out further.' Cracknell also said that Pension Wise was seeing a worrying number of people with smaller pension savings choosing to use them to help children onto the property ladder. 'Probably the number one query we get is people saying they're going to use their pension to purchase property for children or family members. 'We hear people describe their financial position and then say they'd still like their children to inherit something and we are looking at the numbers and thinking, you're going to be lucky to get through retirement, yet you're still citing inheritance because that is the norm. That's what they experienced with their parents and they feel some sort of moral obligation to leave something as well.' Cracknell was speaking at an event held by the Equity Release Council, which called on Government to include property wealth in its guidance on retirement income. The council is due to publish a full report on the value of property to support retirement income on Saturday. 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