AXA questions IDS pensions calculator claim

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AXA questions IDS pensions calculator claim

Tue 5th Apr 2011

Iain Duncan Smith's suggestion that most people want to work past their 65th birthday has been discussed by a pensions expert from AXA.

Mike Morrison, head of pensions at the company, claimed that there has been a shift in savers' mindsets, but it may not be as simple as a desire to work longer.

He said one in three people want the option to access their pension early, which suggests the opposite.

In his view, allowing this reform could appease savers who are worried about the rising retirement age.

Mr Morrison remarked: "As longevity, health and fitness levels improve there may be some truth in Iain Duncan Smith's statement."

AXA research indicated that early access to pensions would prompt 33 per cent of investors to increase their pension contributions.

Meanwhile, a study by LV= showed that 14 per cent of the public hope to have their dream home when they retire, while 33 per cent believe they already have such a property.

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