Saga calls for 'radical changes' to retirement calculator regulations

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Saga calls for 'radical changes' to retirement calculator regulations

Mon 29th Nov 2010

Urgent reform of the benefits system is required in order to prevent it from wrecking havoc on people's pension provisions, a source from Saga has noted.

Dr Ros Altmann, director general of the organisation, described Iain Duncan-Smith's unified work benefit as "vital", but suggested a short-term fix to the issue is required.

She explained that the pension credit section of the benefits system leaves most people confused about what they should be claiming, as well as leading to more than £1 billion of mistakes by tax officials each year.

"It still leaves two million pensioners in poverty and it undermines private saving because those who do claim it lose much or all their private pension," remarked Dr Altmann.

Her comments were made after the publication of a report by the National Audit Office, which showed how much money has been lost as a result of the current benefits system.

This month, Saga also criticised the government for their proposal to drastically cut legal aid.

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