Saga points out issue affecting retirement calculator customers

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Saga points out issue affecting retirement calculator customers

Wed 16th Feb 2011

The financial situation of over-50s in the UK has been highlighted by Saga, with a source from the firm pointing out how their plight affects their capability to save for retirement.

Dr Ros Altmann, director general of the company, made her comments after the publication of the Saga Quarterly Report showed inflation is higher for 50 to 64-year-olds than for any other demographic in the country.

She highlighted how unemployment is greater now among over-50s than before the recession.

In her view, the way such consumers are being "locked out of the labour market" means efforts to raise the pension age could have a negative effect on their spending power, as well as their ability to save.

"As the pensions bill has its second reading in Parliament, policymakers need to recognise these realities. The unemployment findings are particularly worrying," said Dr Altmann.

Saga recently welcomed the commissioning of an independent inquiry into the pensions system, which will be chaired by Lord John McFall.

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