Fidelity International warns about 'false sense of pension security'
www.moneynews.co.uk > Pensions > Fidelity International warns about 'false sense of pension security'
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Fidelity International warns about 'false sense of pension security'
Wed 29th Nov 2006
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The government published its long awaited pensions bill this week and in a bid to address the pensions crisis Britain is facing as a result of its aging population, it includes plans to restore the link between the state pension and earnings and raise the state retirement age to 68.
But Simon Fraser, Fidelity's president of institutional business, has warned that it will be some time before these changes have any effect and people start receiving better state pensions.
"People should not be lulled into a false sense of security by the reforms," he stressed.
"Whilst welcome, it is important to note that the link to earnings will not be implemented until 2012 and therefore will not even begin improving the situation for another six years.
"Furthermore," he added, "the raised retirement age of 68 will not be achieved for another 38 years."
Mr Fraser said that since these changes will take so long to filter through, it is important that people approaching retirement understand the implications of increased longevity and start taking more responsibility for their own retirement savings.
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