ABI makes retirement calculator claim

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ABI makes retirement calculator claim

Fri 25th Feb 2011

An expert from the Association of British Insurers (ABI) has highlighted a potential pitfall that should be considered before a proposed change to the pensions system is approved.

Assistant director of retirement saving at the organisation Yvonne Braun made her remarks regarding the idea of allowing early access to such long-term funds.

She said there is a risk that people will end up with even less money for their older years if they are given the chance to dip into the savings over the course of their lifetime.

"The main challenge we face in this country is that people are not saving enough. We need to build up consistent, long-term savings habits," observed Ms Braun.

In her view, early access to pensions is attractive on first glance but will not help people build up their savings.

Last week, director of financial regulation and tax at the ABI Peter Vipond lauded the introduction of the Financial Conduct Authority and suggested it will serve consumers' interests well.

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