AXA calls for "saving culture"

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AXA calls for "saving culture"

AXA has called for a "saving culture" to be encouraged if people are going to end up with reasonable pensions.

Mike Morrison, head of pensions development at AXA Winterthur Wealth Management, warned that people do not realise how long retirement can last and they need to "start saving and keep saving".

However he noted that the rules on anti-forestalling from HM Revenue and Customs will have affected the size of people's pension contributions.

Mr Morrison said: "There is a definite need to encourage a saving culture within the UK, but it is difficult when the goalposts keep moving."

The AXA representative's comments were made after the company published surveys which showed that 79 per cent of advisors said they did not think that people were saving enough for when they retired.

Anti-forestalling legislation was introduced in the Finance Act 2009 and restricted the extent to which a benefit can be obtained by the 15 per cent VAT rate.

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