Forget the stereotype of grandparents happy to settle down at home in retirement. One in two Britons plan to travel the world when they finish working - and one in three hopes to up sticks and move to the sun - according to new research by engage Mutual Assurance.

With the Turner report highlighting the importance of starting to save earlier for retirement, engage Mutual Assurance asked a representative GB sample of 2,200 people about their expectations and experiences of retirement. The results show stark contrasts between people's plans and the realities of retirement.

With an emerging trend in 'denture venture', more than half of workers (53%) are planning to spend their kids inheritance on travel in retirement; a third (36%) hope to buy property abroad and one in ten (10%) will spend time on the slopes, skiing and snowboarding.

Seeing retirement as an opportunity to escape the rat race, Britain's busy workers look forward to relaxing in retirement, enjoying the simpler things in life. 44 percent look forward to reading more and over one in three (39%) hope to spend more time pottering in the house and garden.

A Good Cause for Retirement

Seeing retirement as an opportunity to give something back after many years at work, a third of workers plan to do voluntary work in retirement (33%) or spend time looking after their grandchildren (31%).

Unfortunately retirement does not always match up to expectations. The majority of workers planning foreign adventures for when they retire are likely to be disappointed by the reality; just 23 percent, less than half those aspiring to travel, will go overseas in retirement and fewer still (7%) will sign a foreign property agreement.

However, those looking forward to spending time relaxing or helping in the community are more likely to fulfill their aspirations. Pottering in the house and garden (56%) and reading (46%) are Britons' top retirement pastimes, and almost all of those planning to volunteer in retirement will follow through their good intentions (31% compared to 33%) with more than a third (39%) spending more time with their grandchildren.

“With people living longer, retirement is becoming a time when we look forward to new experiences, learning a new skill and relaxing with family. However, with the average state pension paying £82.05 a week, financial limitations often prevent Britons from fulfilling their more adventurous aspirations in retirement. Retirement savings need to go beyond the traditional pension. Saving little and often well in advance and makingthe use of tax-efficient opportunities with ISAs and Guaranteed Equity bonds is a simple and easy way to top up a retirement provisions pot.”

Percentage and Ranking of Retirement Aspirations of Workers and Actual Experiences of Retirement (Base sample: 2,221 (1,696 working and 404 retired))

engage Mutual Assurance is exclusively offering a market leading participation rate Guaranteed Equity Bond, provided GEB specialists Abbey:

• 120% of the growth of the FTSE 100
• No cap on returns
• Can be taken as Cash ISA
• Minimum investment of £1000
• Full capital guarantee providing the bond is held to maturity

Enquirers looking for more information about the Guaranteed Equity Bond should visit www.engagemutual.com where an application form and pack can be downloaded. Alternatively, please call Abbey on 0800 783 0943.

1. If using this article on a website, please link to www.engagemutual.com using the following hyperlink text : engage Mutual Assurance - meeting the changing needs of today's modern families

2. engage Mutual Assurance is a trading style of Homeowners Friendly Society (HFSL) and it's wholly-owned subsidiary engage Mutual Funds Limited (EMFL).

3. engage Mutual Funds Limited (EMFL) is a provider of the Child Trust Fund direct and in partnership with partners including Legal and General, ASDA and Debenhams stores and NAAFI Financial.

4. The organisation is title sponsor of the engage Super League - which sees 12 teams from across the UK and France battling for a place in the engage Super League Grand Final at Old Trafford stadium in Manchester. The teams are Leeds Rhinos, Wigan Warriors, Bradford Bulls, Castleford Tigers, St Helens, Huddersfield Giants, Hull FC, Salford City Reds, Wakefield Trinity Wildcats, Warrington Wolves, London based Harlequins RL and French team Catalans Dragons.

5. engage is proud to partner a charity which shares our consideration for balancing risk and reward - Smart Risk Foundation UK. It helps youngsters across the UK to identify the risks in their everyday lives in the smartest way, so that they can enjoy life to the fullest. Smart Risk Foundation's registered charity number is 1096081, www.smartrisk.org.uk.

6. engage Mutual Assurance is headline sponsor of the engage International Open 2006 and the engage Ladies World Matchplay 2007, both part of the World Bowls Tour.

7. engage supports mutuality, friendly societies and the regional financial services industry through links with the Association of Mutual Insurers, the Association of Friendly Societies, Mutuo and Leeds Financial Services Initiative.

8. Established in 1980, Homeowners Friendly Society Limited (HFSL) is Registered and Incorporated under the Friendly Societies Act 1992, Reg.No.964F, it's wholly owned subsidiary engage Mutual Funds Limited (eMFL) is Registered in England No 3224780. Both are authorised and regulated by the Financial Services Authority (FSA). 9. Homeowners Friendly Society Limited's FSA Register number is 110072 and engage Mutual Funds Limited's FSA Register number is 181487. You can check this on the FSA's Register by visiting the FSA's website www.fsa.gov.uk/register or by contacting the FSA on 0845 606 1234