HSBC welcomes pensions calculator change

www.moneynews.co.uk > Pensions calculator > HSBC welcomes pensions calculator change

HSBC welcomes pensions calculator change

Thu 24th Mar 2011

A source from HSBC has claimed a move to single-tier pensions will be a positive alteration to the retirement savings system.

Rob Pearce, head of HSBC workplace retirement services, pointed out that people will not be penalised for putting money aside and the government will have a clearer view of how much it needs to provide.

He said: "A flat non-means tested pension benefit is a positive move. It lays the foundations for pensioners to enjoy a secure basic income in retirement which can be topped up."

Mr Pearce accepted that some people may see the change as being a "trade-off" for the increased state pension age, but suggested it should make the whole system fairer and simpler in the long run.

In his view, it will empower people to take responsibility for their savings.

The Tax Incentivised Savings Association also applauded the move towards simplification, saying the sooner it is implemented, the better.

Click here for more pensions calculator news

Related News : Pensions calculator
	Pension savers reach record low
	Brits 'should be able to save at ATMs'
	High earners pension tax relief to change
	Pensions 'are still confusing for many'
	EU proposals could damage UK pensions
	QE 'has negative impact on pensions'
	TUC advises on boosting pensions savings
	Delaying retirement 'significantly boosts pensions income'
	Pay freezes 'set to continue'
	Brits 'must be increasingly resourceful'

Related News : HSBC
	HSBC commits to 15bn mortgage deals in 2012
	HSBC to offer deals for 2012
	HSBC advises mortgage holders to save for second purchase
	Renting out a room 'could shorten offset mortgage repayments'
	First Direct reveals lack of saving awareness in Britons
	HSBC and First Direct named top mortgage lenders
	New HSBC deal allows customers to switch to fixed rate mortgages
	HSBC finds pessimism over ability to secure mortgages
	Pensions calculator advice important, says HSBC
	New HSBC fixed rate mortgage available at up to 85% LTV