Friends Life says retirement calculator reform comes at a good time

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Friends Life says retirement calculator reform comes at a good time

The government is right to announce reforms to the pensions system now, according to a source from Friends Life.

Martin Palmer, head of corporate pensions at the company, suggested the proposals regarding a flat-rate retirement income will let the public know where they stand in terms of their long-term savings.

In his view, the timing of the launch is "ideal", since auto-enrolment is not far away.

Mr Palmer added: "For far too long now complexity has clouded pension and retirement planning in this country but today's announcement should go a long way towards removing this."

He called on the government to resist the urge to tinker with the new system, saying that there is currently a welcome degree of simplicity to the structure.

Last month, Friends Provident policy and proposition manager Simon Butler claimed that a single-tier pension will reduce confusion and should be seen as a positive step for workers.

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