LV= supports pensions calculator proposal

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LV= supports pensions calculator proposal

Mon 14th Mar 2011

The proposal to allow consumers early access to their pension savings has been supported by LV=.

John Perks, retirement solutions director at the firm, claimed this amendment could offer individuals short-term benefits and potentially alter their long-term thought processes in relation to their retirement income.

He said: "We believe that allowing people early access to their pension savings would be of significant benefit and would encourage people to put more away for retirement."

Mr Perks cited LV= research demonstrating one-quarter of over-50s would have contributed more to their pension schemes if they knew they could make withdrawals before reaching retirement.

In his view, the key to the changes is for the system to be easy to comprehend.

If this can be achieved, he believes early access to pensions could be positive.

Last week, SIPP provider AJ Bell claimed many public sector workers need to take a look at their retirement savings plan after the publication of Lord Hutton's report on the industry.

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