Category Archives: Retirement

News, Property News, Retirement

Retirement rental apartments in Peterborough set for a busy year as retirees choose city living in 2022

A report at the end of last year by think-tank the Social Market Foundation[i] suggested people should be helped to spend their later years in urban retirement housing in towns and city centres rather than heading for the coast or countryside. They highlight that people benefit from urban living with better public services, as well as better health outcomes and less loneliness.

Nygel Scourfield, Chief Executive of retirement brand, My Future Living agrees and adds that urban living is not just for young people, it’s for older people who want access to a vibrant social life with restaurants, theatres and attractions on their doorstep.

My Future Living specialises in good quality, affordable retirement rental apartments located in modern purpose-built developments for people with the majority located in towns and cities, including Peterborough in Cambridgeshire, popular with older people.

Scourfield says, “Smaller cities such as Peterborough can offer retirees the best of both worlds as it’s a busy and attractive cathedral city, with easy access to the countryside and even the beaches of Norfolk in the east of the UK.

The city even has its own embankment on the River Nene which is a great place to visit and sit by the water’s edge[ii], enjoy local food and drink and attend many of the live events and markets are held here[iii].

“Being fairly central in the UK people can visit Birmingham and London easily if they want bigger city action or access to international airports, but it offers more affordable retirement properties. We expect smaller cities like Peterborough to be in high demand this year as more people plan to move to a retirement home now the pandemic is waning.”

The benefits of renting in a retirement community include enabling people to free up capital if they own a home to spend or invest in retirement, being maintenance free and living in a sociable community of likeminded people.

Retirement apartments are designed for independent living for people over 55 years old, but with a 24-hour careline in every apartment for reassurance and a development manager onsite. The monthly rent includes services and maintenance.

My Future Living currently has two lovely apartments available in Homenene House close to local amenities including the Ortongate Shopping Centre, and opposite a bus stop with buses to central Peterborough. One is on the first floor and the other on the second floor and the monthly rent is £650. Both are available on a short term or long term assured tenancy.

Facilities include a communal lounge with snooker table where people can meet and enjoy a drink together, as well as events such as coffee mornings and bingo, a lift, a laundry and guest suite plus communal gardens.

To find out more about renting a home in a retirement development visit: www.myfutureliving.co.uk

[i] https://www.smf.co.uk/boost-retirement-housing-to-stop-pensioners-fleeing-cities-for-coast-and-countryside-think-tank-says/

[ii] https://www.visitpeterborough.com/things-to-do/the-embankment-p874441

[iii] https://www.visitpeterborough.com/things-to-do

News, Retirement

Increase in people relocating in retirement will fuel demand for retirement rental properties in 2022

Almost three-quarters of adults want to relocate in retirement according to a survey from Age Co, part of charity Age UK[i]. Towns in Dorset, Cumbria, Yorkshire and Cheshire are the top retirement hotspots. With 2022 just around the corner, retirement rentals brand My Future Living predicts next year could be busier than ever with people moving after pent up demand due to COVID-19.

Nygel Scourfield, Chief Executive, My Future Living, said, “Many people’s lives have been on hold since the pandemic and now they want to get on with their lives. For those recently retired that may involve moving home to a fresh location to enjoy their retirement years.

“We expect more demand from older people looking to move and rent in retirement communities in 2022, as it can be an affordable way to move to a dream area and reap the benefits of living in a community of people. The pandemic showed the value of having close neighbours and people living alone especially can really benefit from living in a sociable community.”

Renting in retirement is becoming popular. Research by Paragon Bank[ii] found there has been a 118% surge in 55 to 64 years-olds renting and a 93% rise in those over 65 renting over the past decade, as pension incomes wane and later life divorce becomes more common.

Benefits of renting include no longer worrying about the upkeep and maintenance of a home and the social aspects of living independently but having shared areas such as a communal lounge for mingling with friends. In most developments, the apartments have an emergency Careline cord or button, plus an onsite development manager on site during the day.

One resident who discovered the joy of renting in retirement is 71 year old Glyn Jones who moved into Ida Court, a development for the over 60s in Woolston, near Southampton in early 2021. He had been living with his long-term partner in a bungalow she owned, but when she developed Alzheimer’s she went into care home as Glyn was unable to look after her.

Glyn explains, “I had a bit of a nightmare as I had to leave the bungalow I was living in when she was taken into a care home. I was desperate to find somewhere and luckily My Future Living helped me find the apartment in Ida Court which I was really grateful for.”

Glyn is from Southampton but has always lived closer to Southampton city, across the Solent. Woolston is on the opposite side and a new area for him but he has been pleasantly surprised by the area and the apartment.

He says, “I was taken aback how attractive the area, the development and gardens are. There are only 14 apartments at Ida Court so it looks more like a mansion block and has a really nice outlook. I am in a one bed apartment on the 1st floor which has a lovely alcove so I can sit in and look out of the window.”

Glyn is himself living alone for the first time in many years and really enjoys the community element of living in a retirement development.  He has become good friends with his neighbour who is 93 and regularly socialises with the other residents in the communal lounge and gardens.

Glyn adds, “I’m really happy here. Although I had never considered renting in retirement, I highly recommend it, especially for those that want to downsize from a larger home like my neighbour did. The community I’m living in is really nice and I’m hoping I will stay here for a long time.”

My Future Living has retirement properties to rent in developments throughout the UK, including many popular retirement places. In Dorset they currently have a one bed apartment in Restharrow in Bournemouth to rent from £795 per calendar month (pcm) on either a shorthold tenancy or assured ‘lifetime’ tenancy.

In Cumbria they have a one bedroom apartment in Kent Court in Cumbria to rent from £625 pcm on either shorthold tenancy or assured ‘lifetime’ tenancy, and in Yorkshire they have a one bedroom apartment in Homegarth House in Leeds to rent from £675 pcm on either a shorthold tenancy or assured ‘lifetime’ tenancy

To find out more about renting a home in a retirement development visit: www.myfutureliving.co.uk

[i] https://www.thisismoney.co.uk/money/pensions/article-9224411/The-five-best-UK-towns-retirement-2021-revealed.html

[ii] https://www.thisismoney.co.uk/money/buytolet/article-8884541/Number-retired-renters-doubles-decade.html

Property News, Retirement

Retire to the coast in 2022 with My Future Living – Rental apartments in Scarborough & Southport from £650 PCM

Retirement rentals brand My Future Living says that living by the sea is something many people aspire to in later life, especially as coastal areas are often seen as special places.

A study last year by WWF-UK[i] found that 75% of people consider the beach or sea to be an iconic part of the British landscape. Half of those polled said the beach allows them to escape the stresses and strains of everyday life, while 67% said they have a “strong emotional connection” to the seaside.

The study also revealed the top 50 beaches in the UK including many in northern England such as Scarborough, Blackpool, Filey and Skegness.

Nygel Scourfield, Chief Executive, My Future Living said these northern resorts have been popular holiday destinations for many people and can also be great places to retire to and enjoy all the benefits of seaside living.

Mr Scourfield said, “Retirement is the time when people often plan a move somewhere new and our experience tells us that coastal regions are some of the most popular areas for people looking to rent in retirement.

“Renting can be a more affordable way to move to popular retirement hotspots which may be expensive to buy in. It’s also a great way to free up capital if you have a home to sell, as well as lead a stress free life without the worry of the upkeep of a property.

“We expect 2022 will be busy with people who have put off moving in the past two years due to COVID-19 and encourage anyone interested in moving to the coast next year to get in touch to discuss the options available.”

My Future Living has coastal properties in developments throughout the UK including several in the north. One of these is Homecrest House in central Scarborough where they have a ground floor one bedroom apartment to rent from £650 per calendar month on either shorthold tenancy or assured ‘lifetime’ tenancy.

Or Homesands House in Southport where they have a one bedroomed apartment on the first floor from £675 per calendar month on either shorthold tenancy or assured ‘lifetime’ tenancy. And in Blackpool there is Homefylde House with a one bedroomed first floor from £725 per calendar month on either shorthold tenancy or assured ‘lifetime’ tenancy.

All rents include services and maintenance and apartments have an emergency Careline cord or button, plus an onsite development manager on site during the day.

The developments have communal areas, such as lounges and gardens where people can enjoy a cup of tea or coffee together, plus events, activities and outings are often organised which people can join in with if they wish.

One resident who is enjoying coastal living in retirement is 77-year-old Diederik (Rik) Schmull who moved into a two-bedroom retirement apartment through My Future Living eight years ago.

Originally from Amsterdam, Rik moved to the UK in 1979 with his job with Morgan Stanley. He enjoyed a successful career for over 40 years as a stockbroker and travelled all around the world for work.

He previously owned a flat in the Barbican in London but sold it in anticipation of returning to Amsterdam and moved into a rented flat. However, his work commitments kept him in London and after he retired, he made the decision to stay in the UK.

Rik (pictured above) had always wanted to move out of the city and found a rental apartment in a retirement community in Westcliff-On-Sea. Rik says, “I was still very active and busy with meetings and events in London, so I wanted to be close enough to get there easily every week. I did lots of research and found an apartment at a development called Homecove House.

“I went to visit it and it was ideal. It’s close to the beach and there are lots of amenities around but I can get into London in an hour. It’s the best of both worlds. The air is much cleaner here and I enjoy getting out and about.”

Rik highly recommends renting in a retirement community. He says, “For me it’s worked out really well and I’m very happy. It’s all about independent living but with the reassurance there is help available should you need it. They do keep an eye on people especially those that live alone. Old age comes to us all and at some point it’s a sensible choice to live in a retirement community.”

To find out more about renting a home in a retirement development visit: www.myfutureliving.co.uk

[i] Yahoo.com

Midlands News, News, Retail, Retirement

Bell of Northampton director to retire after four decades

A director at one of Northamptonshire’s best-loved stores is preparing to retire after 40 years with the business.

Andy Payne was hired as a kitchen designer by Bell of Northampton fresh out of art school at the age of 20 in 1981.

During the past four decades he has seen the business move to its current premises in Kingsthorpe Road, launch new services and online sales and successfully navigate the ups and downs of the UK economy and retail sector.

Andy’s career with Bell also saw him become manager of the firm’s Market Harborough branch for about a decade and a departmental director before he went on to become one of the iconic lifestyle store’s owners and directors.

However, a health scare a couple of years ago has encouraged Andy to want to spend more time with his wife and family and devote more time to his love of painting so he is preparing to retire in December.

Andy said: “I joined Bell just as it was moving into kitchen design and I thought I’d stay for about six months but Bell is such a special place to work I’ve stayed for 40 years.

“I’ve seen so many changes over the years. When I first started no one had mobile phones or computers – I remember we got one of the first fax machines and it was amazing at the time.

“Another huge change has been the growth of contract business with builders and developers and online sales, truly making us a multi-channel retailer with a vision for the future. Over the years we’ve also launched our café and added a select group of concessions including interior design, gifting and even an art gallery!

“Despite all these changes our core values of being respectful to our customers and suppliers and offering high standards of customer service and quality products have remained the same. These values were instilled in me by the previous owners and directors and I’ve been proud to pass them on to our newer members of staff.

“I’m honoured to have been a part of the Bell family and to have helped it through recessions, wars and even a pandemic. To know that we’ve continued to support our customers and provide a living for between 60 to 80 families in our community means a lot to me.”

Bell of Northampton is located in Kingsthorpe Road, Northampton. To find out more, go to www.abell.co.uk.

 

News, Pensions, Retirement

Howden Survey: Most employers still don’t fully understand Pension Lifetime Allowance issues

It has always been the case that Group Life Assurance payments (on death) from a Registered Arrangement count towards an individual saver’s Pension Lifetime Allowance entitlement.  Yet a recent survey by consultancy Howden Employee Benefits & Wellbeing (Howden) has found that almost 3 in 4 employers (73%) remain unaware of this potentially important issue.

The survey, which took place in March this year, followed the Chancellor of the Exchequer’s Budget decision to freeze the Pensions Lifetime Allowance (PLA) until at least 2026.  The PLA is currently set at just over £1m, far below its highest level of £1.8m in 2011.

Commenting on these findings Steve Herbert, Head of Benefits Strategy, at Howden said;

“The Pensions Lifetime Allowance has reduced significantly since it was first introduced in 2006, and as a result is now starting to impact far more savers on relatively modest salaries.  This of course means that a lump-sum payment of, say, 4 x salary from a registered Group Life Assurance scheme might well breach the PLA limit, in turn triggering a significant tax charge in the event of a claim.”

Howden point to the well-established option of “Excepted” Group Life plans as an alternative option.  Payments from such an arrangement will not count towards the Pensions Lifetime Allowance limit, thus avoiding this particular issue at a time of great distress for the employee’s family.

Herbert continued;

“Howden encourages employers to review their exposure to this situation, and take corrective action as necessary.  As ever there are a number of complications for sponsoring employers to understand and consider, so we would urge employers to seek professional assistance as part of this review.”  

 The survey also asked employers if they communicated details of the Pensions Lifetime Allowance when undertaking their legal responsibility to enrol employees into a company-sponsored pension arrangement.  The research found that just 10% of employers always referenced the Pensions Lifetime Allowance during the auto-enrolment process.  The same number “sometimes” highlighted the issue, and 17% relied on their nominated professional pension advisers to reference this issue.  More than 6 in 10 employers either don’t mention the Pensions Lifetime Allowance at all (20%) or were not sure (43%) on the actions taken by their employer in this respect.

Commenting on these findings Matthew Gregson, Head of Corporate, at Howden said;

“This issue is symptomatic of the challenges facing employers in ensuring that their best intentions in offering a generous benefits package to their employees doesn’t have unforeseen consequences or negatively impact the employees’ perception of the quality of the offer.

“Higher levels of life cover and generous pension contributions are valued by so many employees, but they will expect their employer to have considered and planned for all scenarios, such as ensuring the employee isn’t caught with any unnecessary tax burden.

 “I would encourage employers to make sure they are fully aware of the implications of their employee benefits design and which employees might be negatively impacted.  And if they don’t know where to start, then take advice and ensure that any suggested remedial action is taken.”  

For more information about the range of Howden’s Pension, Employee Benefits, and Financial Wellbeing services available please visit the Howden Employee Benefits & Wellbeing website:  www.howdengroup.com/uk-en/cover/employee-benefits-and-wellbeing-consulting

News, Pensions, Retirement

Punter Southall Aspire helps employers support over 50s with new ‘Aspire to Retire’ service

More than half (52%) of UK adults are worried they won’t be able to afford their current lifestyle as pensioners, with13% planning to delay their retirement because of the financial impact of Covid-19[i], according to a recent poll from You Gov. 

Research from Punter Southall Aspire suggests employers are failing to support their staff as they approach retirement, with six out of ten failing to offer guidance on what to do as people reach 55: the age at which they can access their pensions.  

In response, Punter Southall Aspire  has launched ‘Aspire to Retire,’ a technology platform for companies to offer employees interactive tools, helpful resources, videos and articles to help demystify retirement planning   

The service is tailored to the key stages people go through as they age, such as turning 50; being one year away from withdrawing benefits or ready to take their benefits. 

Punter Southall Aspire CEO Steve Butler says, “Too often people put off thinking about retirement and then don’t know where to turn for guidance, which can lead to poor financial choices.  

“Aspire to Retire is a 21st century solution for mid and later life working and retirement planning to help employees map out and save for a retirement that is financially secure. 

“We help people make more informed choices so companies have something to offer their employees at what can be a stressful time of their lives.” 

The cost-effective service is tailored to how much employers want to spend. 

For example, the standard package includes a quarterly, multi-channel campaign and annual engagement survey, access to a resource hub with articles, videos and personal support and guidance, as well as a dedicated retirement helpline for employees. 

Clients can also upgrade to include features such as annual retirement webinars or pay for our pension experts for a personal consultation . 

For more information visit: www.psaspire.com 

Conwy, Leisure, Retirement

North Wales retirement coach supporting people on road to their golden years

MORE than 40 years as a senior HR leader saw Nigel Evans support hundreds of colleagues on the road to retirement.

But when it came to enjoying his own withdrawal from professional life, the 64-year-old found the transition to be more difficult than he ever imagined.

Having returned to North Wales from Hong Kong and a leading role in human resources at a company employing 40,000 staff across Asia, the dad-of-three decided the time was right to leave work behind and begin a new journey.

Three years later Nigel “hit a wall” and decided to launch Riverbridge Coaching, a business focused on helping people with their retirement plans, a process most assume is pretty simple.

“That often could not be further from the truth,” said Nigel, who lives in the Conwy Valley with his wife Yvonnie.

“The adverts and photos we see of happy silver-haired retirees skipping along a beach or doing their daily workout do not reflect the reality.

“As I found myself, there is a honeymoon period immediately after you retire, which is great. You do the things you want to do, travel, spend time with famil and enjoy pastimes and hobbies.

“But eventually you hit a wall and realise that 20-30 years is a lot of leisure time to fill.”

The financial side is what most prospective retirees are concerned with. But as Nigel discovered, the value of physical, mental and spiritual well-being as well as social support are far more crucial considerations.

“More important than a financial plan is a non-financial plan that looks at how you replace work,” he said.

“People don’t realise the value that work provides them. Structure, purpose, routines, deadlines, social interaction and a sense of accomplishment were your day to day life for decades.

“It’s almost a sense of loss, and you question whether you are contributing to society.

“I remember sitting in the kitchen and hearing the clock tick, a sound I had never noticed before.

“I am still full of energy and have so much to give, which is why I started coaching.”

He added: “This myth that retirement is easy and stress free is just that – a myth.

“Research reveals around 55% of people get to where they want to be and are content, but that leaves a huge amount of people who don’t, those who struggle with mental health issues, the financial burden, anxiety and even suicide because they cannot replace what they had.

“Many people lose their identity when they stop working, and helping them discover a new one is often a central theme in coaching conversations”

The latter part of Nigel’s role in the Far East was as an executive coach, and he has brought those skills into this new venture.

He partners with clients to find “creative solutions” to the retirement challenges they are facing and helps them put realistic action plans together.

“I always conduct a complimentary discovery session first so we can explore what issues they are facing,” said Nigel.

“Some people get to solutions and action plans in a few hours – whilst other want to reflect and explore issues over a longer period of time.

“The perception is that coaching is purely advice and guidance, but it’s not like that. You have to get your own solutions because the best answers are yours – ultimately you are the expert on you.”

He added: “I sometimes ask the client to envision what the perfect day in retirement would look like, then the perfect week and the perfect month. Very often this helps people hone right down to what counts and helps to clarify what is important to them about retirement.”

So, what does the perfect day in retirement look like for Nigel? And has he found a new identity?

“My personal mission is to be present and live in the day,” he said.

“I have a wonderful family who I am lucky enough to be able to spend lots of time with. I play the piano, keep fit and am studying for a degree in Psychology and Counselling having achieved my coaching credentials in the past couple of years.

“Much of the remaining time is spent on what I love to do most – inspiring people to retire well and to the best years of their lives.

“Put simply, retirement should not be a struggle, not after decades of hard work. You can still enjoy your life and pursue your dreams. There are many things I want to go on and do, and I know many people out there feel the same.”

For more information and to contact Nigel, visit the website: www.riverbridgecoaching.com