Preparing for old age has emerged as an all-important issue with the realization that the world is living longer and Sri Lanka is leading the way, at least from an Asian perspective. A quarter of the population would be over 60 years of age, thirty years from now. That would put enormous pressure on the working population and it would be a more prudent measure for those in their thirties and forties now to plan ahead to receive a regular pension and avoid being dependent on their children.

The latest research from UK's retirement specialist Aviva, has revealed that the new generation of retirees prefer to continue working or embrace part-retirement and remain work-hungry in contrast to the traditional pensioner of the past. It has long been thought that upon retirement, the majority of people would relish the idea of long days playing golf, socializing, going on extended holidays or taking up a new hobby. However, instead, retirees are now facing a challenging landscape of decreased savings and an increase in personal debt. This not only highlights a generation of over 55s wanting to get back to work, but also those retirees who simply cannot afford to stop working, no matter what their age.

The investment opportunities available has changed the way people look at planning for the future - especially for retirement. No longer is it considered a prudent habit to put by a small, regular amount. A more attractive and vibrant way to prepare for the evening of your life is to choose a pension plan with an array of investment strategies and a choice of funds in which your nest-egg will prosper.

A recent survey conducted for AVIVA NDB by Nielsen, a leading research Company has revealed that people who are methodical and prefer to have full control of their finances, take the trouble to plan for the future. "You have to have a plan because the future is uncertain and you don't know what will happen" said one member of the focus group. Another commented "you have to spend and enjoy life as well." Another member observed: "The more cash you get the more you can invest. Therefore managing and improving your inflow is key."

It was apparent from the research study that the younger respondents were interested in the share market while the older respondents were hesitant because they were wary about the fluctuations that are inherent in stock market investments. For them, the investment that would give them confidence is a life insurance product that had built-in investment opportunity like the newly developed pensions plan offered by AVIVA NDB Insurance.

Commented a senior respondent: "We should start at the maturity stage of life itself to plan how we are going to live during old age. Money should be invested that will give a sufficient return not to depend on others."

Some respondents did not believe in retirement at all. "I don't believe you should retire. You should work as long as your body allows you to work" was one opinion expressed. In contrast another respondent said "You should not work so hard when you come to old age. Just take some time off and do some travel and enjoy yourself."

Shah Rouf, Managing Director of AVIVA NDB Insurance succinctly summed up the highly successful retirement plan that became the company's flagship brand within a few brief months. "The concept of planning for a regular income after retirement has opened a Pandora's Box with divided opinions on the advantages and disadvantages of a pension for private sector employees" he explained. "What is absolutely clear is that individuals must take charge of their own retirement planning. Our product, AVIVA NDB Pensions allows you to do exactly that. You will be comfortable at the end of your working life because you will continue to get a monthly income. You have the option of deciding when to retire, how much to get as a pension and for how long."

Shah pointed out that with AVIVA NDB Pensions, retirees have the added advantage of withdrawing up to 15% of their pension fund in case of an emergency. "Our product has been designed to meet the needs of people both in their fund building stage when they are young and of course their older post retirement years when they draw down an income" he said. "With four investment-linked strategies to enhance the fund, plus an inflation guard, plus the fact that the surviving spouse will continue to receive the pension, no wonder it has proved to be an attractive option for forward thinking individuals who would like to prepare wisely for their silver years."