AXA highlights potential pensions calculator opportunity

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AXA highlights potential pensions calculator opportunity

Savers could find their pensions contributions go a lot further if they link their money to equities, according to an expert from AXA.

Mike Morrison, head of pensions development at the firm's Wealth division, explained that this allows their cash to grow faster if there is an upturn in the markets.

In his opinion, this is an increasingly attractive prospect for many people, since a gap in funding has appeared recently.

Mr Morrison said: "Due to significant market volatility in recent years, pension savers face a significant shortfall in retirement income or a much later retirement age."

Research by AXA shows that the affordability of pensions has fallen drastically - by 40 per cent - and individuals will have to work an extra six years to achieve the income levels they might have enjoyed as a retiree five years ago.

This week, Mr Morrison suggested there may be some truth to comments made by Iain Duncan Smith claiming people want to work past 65 years old.

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