Legal & General pension calculator 'growing in popularity'

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Legal & General pension calculator 'growing in popularity'

Legal & General has announced that its new Salary Sacrifice pension calculator is proving to be a hit already among big employers.

The financial services provider released the application this week to help pension-holders work out the effects different levels of contribution will have on their final remuneration.

Jamie Vale, Legal & General's business development director for savings, claimed that large employers have been using the tool to work out increases in contributions.

"Until now, working out how much you can increase pension contributions while keeping take home pay level was often quite complicated," said Mr Vale.

He noted how the calculator uses a system call Smart (save more and reduce tax) to help people make tax savings by putting more money into their pension scheme.

This week, Legal & General commended the Financial Services Authority for choosing to extend the approved pensions regime, which will allow individual brokers to be registered.

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