Property can be a pensions 'alternative'

Property can represent an effective alternative to a pension fund for people saving for their retirement, it has been claimed.

Malcolm McLean, chief executive of The Pensions Advisory Service, claims that an investment in property is an effective savings technique - as it means that you don't "put all your eggs in one basket".

"People need to have a retirement plan … it's probably better not to put all their eggs in one basket. Investing in property instead of a pension is fine, as long as you have the means to do it," Mr McLean explained.

"It is important for people to recognise - in the long term - it will be down to them to get them the standard of living that they want," he added.

"People often say they wish they had put their money into property rather than a pension, but this isn’t always an option. The rewards in property investment - in people's minds - seem to out weigh financial rewards from pensions."

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