Hargreaves Lansdown says retirement calculator reform offers freedom

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Hargreaves Lansdown says retirement calculator reform offers freedom

Thu 16th Dec 2010

Workers approaching pensionable age are given additional freedom by government plans to scrap the default retirement threshold, according to an expert from Hargreaves Lansdown.

Pensions analyst at the investment management firm Laith Khalaf suggested it would actually be very tough on many employees if the legislation is not reviewed.

He explained that it could mean that workers who do not want to retire are forced to do so and potentially suffer financially from the situation.

Mr Khalaf added: "The retirement age is creeping up anyway and consequently if you want to retire earlier ... you are going to have to build up a sizeable savings pot."

In his opinion, installing a default threshold restricts the freedom of older people and could leave individuals with inadequate savings to enjoy a comfortable life when they finish working.

Saga director general Dr Ros Altmann has been a vocal critic of the retirement age and recently claimed it should have been abolished years ago.

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