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Retiring? Rely on property not pension, Bank of England boss advises

Retiring? Rely on property not pension, Bank of England boss advises

Many people think property a better prospect than a pension when it comes to long term financial security in retirement - now that thought appears to have the endorsement of the Bank of England.

The Bank's chief economist, Andy Haldane, has told the Sunday Times that he regards property as better for retirement planning. Haldane owns a principal home in Surrey and a holiday home in Kent.

He was asked in a personal finance story why he favoured property and said: "As long as we continue not to build anything like as many houses in this country as we need to...we'll see what we've had for the better part of a generation, which is house prices relentlessly heading north."

Haldane told the newspaper that he did not feel wealthy, despite a salary of over £180,000 a year and a pension pot providing almost £84,000 annually when he retires; Haldane is currently 49.

In May Haldane, who has worked for the Bank of England since leaving university, admitted he could not make any sense of pensions.

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