Friends Provident backs pensions calculator to provide benefits

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Friends Provident backs pensions calculator to provide benefits

Fri 25th Mar 2011

The decision to introduce a basic state pension is a good one, according to a spokesperson for Friends Provident.

Simon Butler, policy and proposition manager at the company, noted that he is looking forward to working out the practical details of the arrangement alongside the government in the coming months.

"This can only be a positive thing for consumers, as it will simplify the current system, reducing confusion and misunderstanding for our customers," he said.

Mr Butler suggested the demographic likely to benefit most from the reform is women who have taken career breaks.

Friends Provident's backing for the change was echoed by Scottish Widows, with head of pension market development at the latter company Ian Naismith pointing out that anything that may boost saving in the UK is a positive step.

He explained that recent research by the firm showed that only one-half of the population is putting sufficient cash aside for their retirement.

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