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Axa claims raising pension age would motivate savers

Raising the pension age would be welcomed by the public and lead to increased pension saving by individuals, claims Axa Sun Life head of pensions marketing Steve Folkard.

Speaking at the Pensions in Crisis conference, Folkard argued that people would save more for retirement to avoid working beyond 65.

The life office conducted research to see how the public would respond to the proposal raised by Alan Pickering and the Institute for Public Policy Research that the state pension age be raised.

The survey, released last week, revealed that 40 per cent of people would put more into pensions while 64 per cent were in favour of making it compulsory for people in work to pay into a pension plan. Only 8 per cent said they would save less if the pension age was raised.

Folkard said: “Our research shows that increasing the state pension age focuses minds on questions like when do people plan to retire?

“More important, it would also motivate people to consider how to achieve their retirement goals by their own means.

“It is clear that the realisation of the need for self-provision exists, particularly among the young. The challenge is to transfer that appreciation into action.

“Over 50 per cent of people said that if they knew how much to put aside, they would save more. It is clear that people need friendly, simple communications which convey a real picture of their retirement aspirations.”

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