Aegon calls for advice on new retirement calculator reforms

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Aegon calls for advice on new retirement calculator reforms

Fri 10th Dec 2010

A senior source from Aegon has highlighted how the government needs to be sure it educates consumers regarding reforms to the pension system.

Kate Smith, pensions development manager at the firm, made her comments regarding the introduction of the lifetime allowance and age 75 rules on April 6th 2011.

"The government has come up with some very good ideas, but pushing them out all at once could backfire," she said.

In her opinion, giving people four months to prepare for a potentially major change to their retirement savings strategy is not enough, with many consumers likely to need information and advice regarding how they should react to the new legislation.

Ms Smith hailed the increased flexibility offered by the new rules adopted by the government, but warned against overwhelming the public.

Aegon explained that people with a lifetime income of £20,000 will be able treat additional funds as pension income.

Commenting on the same state legislation, Standard Life suggested alterations to drawdown policies will be "great news" for the SIPPs sector.

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