Pension calculator provider Axa criticises government policy

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Pension calculator provider Axa criticises government policy

A finance expert from Axa has highlighted an issue relating to the government's Age 75 consultation, predicting there could be trouble on the horizon.

Mike Morrison, head of pension development at the organisation, applauded the state for looking into removing compulsion at age 75 and accepted that it could improve flexibility for users.

However, he suggested it could lead to a "raft" of senior employees being transferred off of defined benefit (DB) pensions if they want to take advantage of the new regulations but their provider cannot amend their arrangement.

If new regulations are implemented, Mr Morrison noted: "With effect from 6 April 2012 it will not be possible to transfer the benefits of a contracted-out member of a DB scheme to a money purchase arrangement."

He suggested that this could lead to a difficult situation for many DB members.

The Department for Work and Pensions Age 75 consultation closes on September 10th 2010.

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