Friends Provident supports pensions calculator reform

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Friends Provident supports pensions calculator reform

as "genius" by a representative from Friends Provident.

Trevor Matthews, chief executive of the company, accepted there will be "kinks" in the system that will need to be resolved, but supported the strategy nonetheless.

"Our industry has been crying out for a common sense approach to retirement planning and the universal pension proposed is a welcome step towards achieving this," he said.

In his opinion, the proposals will give people a clearer idea of how much they can expect to receive when they retire, which will allow them to take responsibility for the situation.

Friends Provident lauded the simplification of the pensions system and suggested it could be particularly welcome among women who have taken career breaks.

Last month, the firm urged female savers to think hard about what sort of retirement they want and plan their employment accordingly.

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