Saga chief notes effect of ageing on pensions calculator

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Saga chief notes effect of ageing on pensions calculator

A senior source from the Saga Group has issued a warning regarding longer life expectancy in the UK and the effect this will have on pensions.

Dr Ros Altmann, director general of the company, explained that a recent report from the Department of Work and Pensions revealed that 2.2 million people currently over the age of 50 will live to be 100 years old.

She stressed that this should be something to celebrate, but with the current retirement savings system it is likely to cause problems.

The Saga spokesperson described how final salary schemes have not been calculated with this level of life expectancy in mind, while other individuals may worry about not having an employer guarantee that a pension pot will definitely exist in the future.

In her view, the time after a person reaches 65 should be treated as "bonus years" during which people can continue to build up their retirement savings in part-time jobs.

Dr Altmann pointed out that some savers want the chance to keep earning past the current default retirement age, as they do not have enough money put aside.

She went on to say that a "social revolution" is needed to ensure people have sufficient cash in their pension pots to allow them to live to 100 and not waste the skills they possess during their autumn years.

"We should all be celebrating the tremendous advances in healthcare that have led to such dramatic changes in longevity in the past few decades," added the retirement expert.

Last month, Dr Altmann highlighted a MetLife Europe survey showing that there is a lack of trust in pension schemes and suggested this needs to be dealt with if a solution to this difficult financial issue is to be found.

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