Pension provider Aegon has urged the Government to consider a more flexible State Pension age and allowing early pension access to some people amid fears of further “significant” increases in the State Pension age up to 74 and the risk it could cause harm to many.
The Coronavirus pandemic has forced a widespread rethink of retirement plans as 18% change their retirement age and 20% of over-55s have considered raiding their pension savings, according to a new report.
Analysis of Government figures by pension and investment firm Aegon has found there are 840,000 retired couples in the UK who have a weekly income which would cost more than £1.15m if bought as an annuity.
According to adviser research from Aegon the demand for DB advice remains strong with nine out of 10 advisers, who are or have been active in advising on defined benefits, saying there are still many individuals who would benefit from taking advice.
A director at Aegon has blasted today’s revelation that advisers will have to pay £175m in levy payments to the FSCS as “unfair”.
The State Pension is 110 years’ old this week but an increasingly ageing population could spell future uncertainty according to experts.
The launch, by the FCA and The Pensions Regulator yesterday, of a joint regulatory strategy aimed at taking action to deliver better outcomes for pension consumers has been backed by the profession.
Many pension savers believe they will be working either full or part time when they reach the age of 70.
New research by Aegon revealed that 38% of individuals were not confident about their ability to retire comfortably, with many unprepared when it came to pension savings and arrangements for funding their retirement.
Aegon has warned that concerns over investing in unregulated investments could damage how consumers view SIPPs despite few SIPPS allowing unregulated investments.
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