LV= urges govt to keep pensions calculator reform on the table

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www.moneynews.co.uk > Pensions calculator > LV= urges govt to keep pensions calculator reform on the table

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LV= urges govt to keep pensions calculator reform on the table

The government has been told by LV= that it should keep early access to pensions open as a possibility in the future.

Ray Chinn, head of pensions at the company, made his comments after the Treasury completed its investigation into the issue and concluded there is not enough evidence to suggest such a policy would encourage more saving in the UK.

Mr Chinn highlighted an LV= study showing 25 per cent of respondents said they would put aside more cash if they knew they could have access to it.

He said: "We would urge the government to keep early access on the agenda and revisit the idea as soon as possible."

In his view, the current system of locking capital away can be a barrier for some people, who want the option to access their money if they need it.

Last week, Saga director general Dr Ros Altmann pointed out that more and more retirees are accessing the equity in their homes because they have insufficient savings to support their lifestyle.

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