LV= welcomes pensions calculator reform

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LV= welcomes pensions calculator reform

Proposals by the government to allow people early access to their pension funds has been welcomed by LV=, with a source from the firm hailing the added flexibility it would offer consumers.

Ray Chinn, head of pensions at the organisation, suggested it could encourage more people to put money aside for their retirement if the proposals are brought in.

He cited the company's own research, which showed 24 per cent of consumers believe they would have upped their pension contributions if there had been more flexibility over when they could withdraw money from such accounts.

"It's great to see so many ideas having come from the Simplification is Key paper from the Centre for Policy Studies," said Mr Chinn.

In his opinion, this issue has created a "barrier" in the pensions industry for many years.

A representative from Suffolk Life told Money Marketing that this latest reform by the government could be the first step on the way to a full pension-Isa merger.

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