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But if an employee in a scheme with a fi ve-year lifestyle programme has selected a retirement age of 65 but now plans to retire at 60, he or she will be in very risky assets right up to that planned retirement date.
Should the markets fall 30% in the months before their retirement, as they did in 2008, the employee’s pension could be 30% less than expected.
As retirement approaches, that employee will still need to review whether 2032 remains their target retirement year.
For the minority of employers that are confident they have a robust, justifiable normal retirement age in place, there should be no problem in approaching staff about retirement planning.Smokers and those with medical conditions can get more because of their shorter life expectancy, but even healthy people can usually do better by shopping around rather than staying with the pension provider with whom they built up their savings.Buying an annuity is irreversible and getting it wrong can ruin years of good pension saving, leaving pensioners up to 30 worse off.Retirement planning experts recommend speaking to staff five or 10 years ahead of the time they expect to retire.Jamie Jenkins, head of corporate strategy and propositions at pension provider Standard Life, says: “Interest in retirement workshops really starts to peak five years out from retirement.