AXA expert unsurprised by retirement calculator decision

www.moneynews.co.uk > Retirement calculator > AXA expert unsurprised by retirement calculator decision

AXA expert unsurprised by retirement calculator decision

Tue 19th Apr 2011

It has not come as a surprise to one AXA pensions expert that the government has opted against allowing early access to such savings schemes.

Mike Morrison, head of pensions at the company's Wealth division, cited research by the firm showing just one-third of customers were in favour of the move.

He pointed out that the public perhaps need more education regarding long-term savings vehicles that allow withdrawals in emergency situations, which can be used alongside conventional pensions.

Commenting on the statement by financial secretary to the Treasury Mark Hoban, Mr Morrison said: "The associated short-term benefits of allowing early access to pension pots were not seen to be strong enough to counter the longer-term potential pitfalls."

The AXA Wealth representative suggested the decision was somewhat expected and falls in line with consumer sentiment.

Mr Hoban said the government will work with the financial services industry to develop new options for consumers that improve flexibility.

Click here for more retirement calculator news

Related News : Retirement calculator
	Many Brits 'failing to save for retirement'
	Older Brits 'must get all the benefits they are entitled to'
	Many over-60s 'can just afford the basics'
	Older Brits 'feeling more of the strain'
	Over-50s 'suffering most from inflation'
	Retirees 'to challenge work-shy youngsters'
	Retirement incomes hit five-year low
	One-size-fits-all approach 'not right for retirement planning'
	Brits 'must reassess retirement plans'
	Homeowners advised to 'take small steps' when downsizing

Related News : AXA
	Co-op announces banking improvements to premier accounts
	Economic confidence among over-50s at rock bottom, claim AXA
	AXA highlights potential pensions calculator opportunity
	AXA questions IDS pensions calculator claim
	AXA pensions calculator expert joins reform debate
	Axa retirement calculator expert highlights timescale of reforms
	Three pension calculator recommendations proposed by Axa
	More education could increase use of retirement calculators, says Axa
	Pension calculator provider Axa criticises government policy
	AXA - Using retirement calculator can ease mental stress