Saga chief questions impact of retirement calculator reform

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Saga chief questions impact of retirement calculator reform

It is not clear how much of an impact a recent reform to the pensions system will have, according to the director general of Saga.

Dr Ros Altmann made her comments regarding the news that retirement savings are set to be linked to the consumer prices index (CPI) rather than the retail prices index (RPI).

She explained that many analysts have claimed the move will mean lower pensions for consumers.

But Dr Altmann said the number of mistakes made in creating the periodic CPI and RPI figures suggests the change will not be so easy to perceive.

"Some prices will be over-recorded and some will be under-recorded, so it is not clear what the net effect actually will be," added the Saga chief.

A representative from the Department of Work and Pensions recently told BBC News that it would not be recalculating people's retirement income, even if inflation figures were miscalculated.

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