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Raise state pension age to 70, says Axa

Axa is calling for the basic state pension age to be raised to 70 in a bid to persuade people to save more for their retirement.

The life office says drastic action is needed as the Government has run out of options other than raising the state pension age or making private contributions compulsory.

Research from Axa suggests 40 per cent of people would save more if the state pension age was raised as they do not want to work beyond 65.

Axa says the research indicates that raising the state pension age would focus people&#39s on issues such as how they plan to fund retirement.

The research was conducted for Axa over the last six weeks by the British Marketing Research Bureau. It questioned 870 people of working age representing a cross-section of British society.

Axa head of pensions marketing Steve Folkard says: “Pensions now offer better value for money than ever before but still we have an annual savings gap of £27bn. If the Government is going to be able to tackle this problem, there is little left for it to consider apart from taking action to either force people to save or make them think seriously about how they will fund their retirement and when they can actually stop working.”

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