Fidelity International advises against pensions calculator change

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Fidelity International advises against pensions calculator change

Early access to pension funds could lead to real problems later in life for many consumers, according to a source from Fidelity International.

With the government currently considering whether such a move would boost the retirement savings system, investment director at the firm Tom Stevenson has advised against the reform.

He explained that many savers might think they can make up for cash they initially borrow from their pension funds.

But he said it can be very difficult to bring capital levels back up to their original level due to compounding.

"With the average first-time buyer aged 37 and the average house deposit £31,000, savers could be most tempted to raid their pensions in the early years of saving," added Mr Stevenson.

Last month, UK managing director at Fidelity International Gary Shaughnessy urged the government to introduce a system in which people who want early access to funds start off utilising Isas.

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