British people 'moving from pensions to Isas'

An increasing number of people in the UK aged over 50 are looking to put their money in Individual Savings Accounts (Isas) rather than pension funds, one expert has claimed.

Director at financial advice website Fool.co.uk David Kuo noted that the move may have been facilitated by the amount of ’tinkering’ that occurs with individual’s personal retirement finances.

He remarked: ’Many of the people who are saving for retirement are saying, ’I think I would be better off putting my money into an Isa’.’

According to the financial specialist, a new investment limit placed on Isa products could also be a determining factor in some people’s decision to make the move.

Announced in chancellor Alistair Darling’s Budget earlier this year, the change means the maximum allowance for over 50s has been raised to £10,200.

Those looking to retirement should ’squirrel away’ their money as quickly as possible to ensure they take advantage of the offer, Mr Kuo added.
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