Prudential supports government pensions calculator move

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Prudential supports government pensions calculator move

The government was right to reject calls for early access to pensions, according to a source from Prudential.

Vince Smith-Hughes, head of business development at the company, claimed "sense has prevailed", adding that it was not worth taking the risk of the public saving less for their retirement.

He cited research by Prudential showing that consumers are concerned about the temptation to dip into their pension capital if early access is brought in.

Mr Smith-Hughes said: "Our analysis completely supports the government's understanding that early access would pose a significant risk of undermining savings for retirement nationally."

If the amount of money being put aside by Brits was to fall, it would be the state that would end up needing to foot the bill, he added.

A consultation by the government this week concluded that there is "limited evidence" to show that allowing early access to pensions savings would encourage greater contributions.

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