Fidelity International criticises potential pensions calculator reform

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Fidelity International criticises potential pensions calculator reform

Tue 1st Mar 2011

Fidelity International has called on the government to reconsider its plans for pensions calculator reforms.

The organisation has objected to plans proposed by the Treasury for early access to pensions.

Instead, it has called for a more explicit link to be set up between Isas and pensions savings, as it feels that this could achieve the same goal without adding further complications to the present retirement savings landscape.

Gary Shaughnessy, UK Managing Director at Fidelity International, said that as people are familiar with the Isa set up it would be the ideal system.

"The proposed system would make it clear that a considerable sum could be saved flexibly and people would have the choice of when to lock it into their retirement savings," Mr Shaughnessy added.

Allowing individuals to dip into their retirement savings early has also recently come under scrutiny from the Association of British Insurers, which expressed concerns that consumers would end up with less savings in their old age.

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