Scottish Widows Pensions pleased at government white paper

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Scottish Widows Pensions pleased at government white paper

Ian Naismith, head of pension development at Scottish Widows Pensions, has given his assessment of the government's white paper on pension reform announced earlier today.

Many pension experts have been calling for the government to take action on pensions believing the current system to be flawed, including Mr Naismith from Scottish Widows Pensions.

Mr Naismith said: "The white paper sets out the biggest changes to the state pension in over a generation, changes that will affect every single one of us in the UK."

Scottish Widows Pensions has highlighted the fact two-thirds of pensioners receiving pension credit benefits are female and have stressed that the present system overlooks the needs of women who in many cases find it particularly difficult to save for retirement.

"We are pleased to see that the government is looking to engage in significant consultation on the development of personal accounts." Mr Naismith made clear.

The response from Scottish Widows Pensions was prompted by the government's white paper on pension reforms, the reforms which will include the raising of the state pension age to 68 while the number of years required for a state pension, currently 39, will be lowered by nine years.

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