Prepare for pensions calculator changes, advises moneysupermarket.com

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Prepare for pensions calculator changes, advises moneysupermarket.com

Fri 22nd Oct 2010

Price comparison site moneysupermarket.com has advised public sector workers there are sure to be changes to the way their pensions are funded and they should prepare themselves.

This is the opinion of Kevin Mountford, head of banking at the organisation, who suggested the issue over how to find money for such retirees is sure to "rumble on" for a long time.

He said: "With a massive black hole in the public pension pot being funded by taxpayers, the age of austerity will mean changes are inevitable."

Mr Mountford's comments were made after moneysupermarket.com carried out a poll asking whether public sector workers should contribute more to their retirement - 47.2 per cent said yes and 49.5 per cent disagreed. The rest were unsure.

Meanwhile, NFU Mutual recently reassured consumers that there is still plenty of time to prepare financially for when the retirement age is raised to 66, since it does not come into force until 2020.

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