Retirement is a process, says Friends Provident pensions

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Retirement is a process, says Friends Provident pensions

Friends Provident pensions has suggested that people in the UK should alter the way they see retirement.

Martin Palmer, head of pensions marketing at the firm, explained that it would be better if Brits saw it as a process, as opposed to a "one-off event".

He applauded the government for its decision to scrap the default retirement age and suggested it will provide people with greater choice.

However, he noted that more needs to be done to encourage people to begin putting money aside for when they decide they no longer want to work.

"We need to provide the right savings options to enable employers to provide a suitable savings culture that will encourage people to take control and start investing in their future today," said Mr Palmer.

Last month, Friends Provident pensions noted that there is set to be a significant increase in the number of workers aged 55 and over in the next ten years, from 5.14 million to 7.16 million, according to the Visions of Britain 2020 study.

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