Saga chief calls for more faith in retirement calculator payments

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Saga chief calls for more faith in retirement calculator payments

Mon 15th Nov 2010

The head of Saga has called for "urgent radical reform" of the pensions system in the UK to try to develop consumers' confidence in such products.

Dr Ros Altmann, director general of the company, questioned whether government policymakers understand retirement savings and described the current state pension as "not worthwhile".

She said: "Even among those closest to retirement, there is a lack of trust in pensions, as a third of workers are not saving in a pension."

In her opinion, the situation is getting worse, with too many people still in debt in their 50s and heading into their autumn years without retirement savings to supplement the meagre state payments.

Dr Altmann supported the proposal to have a flat-rate pension of £140 per week, since this will mean people will not avoid paying money into a savings account for fear of missing out on benefits.

This month, the Saga representative branded plans to increase the women's retirement age again completely unacceptable.

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