Fidelity International adds its backing to retirement calculator change

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Fidelity International adds its backing to retirement calculator change

Thu 10th Mar 2011

The introduction of a universal basic state pension will remove the disincentive to save caused by means testing.

Investment director at the firm Tom Stevenson explained that some people might previously have been put off building up a significant retirement pot because they may lose benefits later in life.

He said: "This proposal will provide savers with the clarity they desperately need to make informed decisions about their retirement."

But Mr Stevenson stressed the news that the universal basic state pension is set to be £140 per week highlights a retirement savings "crisis" in the UK.

According to Fidelity International research, this level of income would mean people on an average wage keen to receive two-thirds of their salary when they retire need to contribute up to £361 per month from the age of 25.

This week, the company's tax expert Paul Kennedy encouraged savers to put their money into Isas as early in the financial year as possible.

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