AEGON pensions calls for complete overhaul

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AEGON pensions calls for complete overhaul

Fri 16th Jul 2010

The government should look into completely overhauling the retirement saving system, a spokesperson for AEGON pensions has suggested.

Kate Smith, pensions development manager at the organisation, claimed that a thorough investigation into retirement rules is needed.

She noted that it could be sensible to see how such savings strategies could be tied in with long-term care provision.

Ms Smiths remarked: "We have to recognise that retirement has changed and a fresh and more flexible approach is needed to meet the demands of a new generation of retirees."

In her opinion, more emphasis needs to be placed on encouraging the public to start saving early, as well as offering retirees flexibility with regards to their income.

The AEGON pensions representative noted that it is important the government does not make changes in isolation.

Her comments were made after the government published its consultation indicating it intends to end the requirement for people to take out an annuity by their 75th birthday.

Any responses should be sent in before September 10th 2010.

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