Friends Provident says retirement calculator reform will benefit firms

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Friends Provident says retirement calculator reform will benefit firms

Mon 17th Jan 2011

A source from Friends Provident has suggested employees are not the only parties to benefit from the scrapping of the default retirement age.

Head of corporate pensions marketing at the firm Martin Palmer claimed companies will see certain positives.

"Not only does it provide greater individual choice and freedom to work as long as people want to ... it also provides employers with a clearer mandate to control their costs," he observed.

Mr Palmer highlighted how Friends Provident has been calling for clarification of pensions legislation for some time.

In his opinion, the only note of caution for savers is that they should not delay putting money aside as a result of the increased freedom offered by their extended working lives.

Meanwhile, NFU Mutual pensions specialist Jane Mulford recently claimed the scrapping of the default retirement age will give people greater control over their finances, adding that it may provoke more individuals to think about their long-term savings.

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