Friends Provident urges women to prepare for pensions calculator change

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Friends Provident urges women to prepare for pensions calculator change

Women must prepare themselves for an upcoming change to the pensions system, according to a source from Friends Provident.

Martin Palmer, head of corporate pensions marketing, noted that many ladies will have been expecting to receive their state pension sooner rather than later.

But he highlighted how government plans will alter the situation, explaining: "The decision to fast-track the state pension age increase for women by 2018 could potentially scupper the retirement plans of half a million women in the UK."

Friends Provident responded to the proposals by offering a series of tips to those affected.

Among the recommendations offered by the firm were changing the retirement age on a private pension, staying up to date on legislation by visiting the Pensions Advisory Service website and finding out about additional employee benefits.

Last month, Mr Palmer suggested the scrapping of the default retirement age is a good move, but urged individuals to use this greater freedom to improve their long-term savings strategy.

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