Legal & General: Pensions that can be accessed earlier prove more popular

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Legal & General: Pensions that can be accessed earlier prove more popular

Tue 18th Nov 2008

Legal & General has released the results of a survey showing that reforming pensions to allow people easier access to their money before they retire would make pensions more popular.

The study, conducted in conjunction with the Pensions Policy Institute, revealed that 42 per cent of people would be more likely to start paying pension contributions if such a reform were made.

A further 42 per cent of those who already make pension payments said the reform would make them more likely to increase their monthly contributions.

Chris Curry, PPI research director, said: "Evidence suggests that early access increases both the number of people saving […] and the amount they save."

Legal & General's wealth policy director Adrian Boulding added: "We need bold initiatives like this to re-start pensions savings habits after the credit crunch."

This latest news comes after yesterdays revelations from Prudential and AXA that the amount people are paying in pension contributions is declining due to the global economic downturn.

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