Radical pensions calculator changes called for by Saga

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Radical pensions calculator changes called for by Saga

Wed 5th Jan 2011

Saga has called for the government to introduce major changes to the retirement savings system, noting a general disillusionment with the current format.

Director general of the company Dr Ros Altmann suggested more emphasis should be placed on encouraging people to save in the first place and perhaps altering the make-up of such products to allow individuals to withdraw and deposit cash like a savings account.

She made her remarks after the publication of the ACA Smaller Firms Pensions Survey, which indicated 69 per cent of staff do not join a retirement savings scheme because they are disillusioned with the system.

Dr Altmann stressed that "radical" alterations are needed, adding: "The government has already proposed some of these changes - including a flat rate state pension and increased access to pensions. These changes are essential."

Last month, the Saga source suggested a social revolution is required so that the world can look at longer life expectancy as a positive phenomenon.

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