Prudential expert offers praise for MIR pensions calculator figure

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Prudential expert offers praise for MIR pensions calculator figure

The minimum income requirement (MIR) chosen by the government in its new pension reforms has been praised by a representative from Prudential.

Barry O'Dwyer, deputy chief executive of the company, suggested using £20,000 as the MIR threshold "makes sense" and reflects well on the current government.

In his opinion, the proposals published by the Treasury are a successful attempt to modernise the retirement savings system, with all the most effective parts of the old framework retained.

He went on to say that it was vital that the government kept annuities "centre-stage", while at the same time allowing consumers more flexibility over their long-term savings strategies.

Mr O'Dwyer added: "The value of annuities is too easily overlooked by those who don't understand risk."

The reforms were also complimented by NFU Mutual tax specialist Stephen Berry, who noted they are less complex than previous versions of the proposals.

He suggested they will offer people greater control and flexibility over their pensions.

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