Retirement calculator change will benefit women, says Saga

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Retirement calculator change will benefit women, says Saga

Fri 11th Mar 2011

Female savers will see the most benefit from the introduction of a universal basic state pension, according to a senior source from Saga.

Dr Ros Altmann, director general of the company, explained that women - and low-earners in particular - currently receive the lowest income from the state.

As a result, the new system will relatively favour them more.

In her opinion, the key is to simplify the pensions process, as currently it is so complicated that no one understands how much they will receive when they retire.

"If we want a system that is suitable for the future then we have to have it simple so that people know what's going on," said Dr Altmann.

She noted that it would be "wonderful" if everyone could understand pensions.

The Saga chief's comments were made in response to a statement by work and pensions secretary Iain Duncan Smith, who called for the system to be made simpler.

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