LV= lauds possible impact of retirement calculator changes

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LV= lauds possible impact of retirement calculator changes

Fri 10th Dec 2010

The new pension reforms announced by the government could have significant consequences for the retirement savings sector, according to a source from LV=.

John Perks, retirement solutions director at the organisation, suggested that the intention to make the system simpler could inspire more people to put their money into pension products.

He described how the result of this is that Brits are likely to be less reliant on the state when they finish their working lives.

Mr Perks also praised the scrapping of the requirement to purchase an annuity by 75, saying that it could inspire more people to take out pensions.

"The new rules published today by the Treasury indicate a move to put the customer first with a more flexible and innovative approach," he added.

His sentiments were echoed by Prudential deputy chief executive Barry O'Dwyer, who this week described how the pension changes have modernised the system without removing the positive aspects of the previous framework.

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