Friends Provident chief calls for retirement calculator action plan

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Friends Provident chief calls for retirement calculator action plan

An action plan needs to be put together to tackle the issue of low pensions savings, according to a senior source at Friends Provident.

Paul McMahon, managing director of corporate benefits at the company, suggested the industry must respond to the requirements of the public and put together proposals on what can be done to make progress.

"If 98 per cent of the working population recognise that state benefits will not meet their needs, we must offer a series of relevant products and services that will," he said.

In his opinion, it would be useful to ask employees what their aspirations for retirement are and how much they have actually saved up.

Mr McMahon explained that if the two areas do not match up, then firms and regulators must help resolve the situation.

This week, LV= head of pensions Ray Chinn applauded the government for proposing to relax the rules on early access pension funds, suggesting it could encourage people to save more.

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