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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.”


Outside edge

CP121 has quite rightly occupied most newsprint but CP132, the presentation of past performance and bond yield funds in financial promotions, is also controversial.I think the industry has played right into the hands of the FSA in asking for a slap on the wrists.It has been farcical to have companies advertising top performance over 45 […]

Mercer sets up Myners-style advice fee

Mercer Investment Consulting has set up a performance-related fee arrangement for advising on the Caterpillar Pension Plan, in response to recommendations from Myners. The new contract, which follows a full assessment of Caterpillar’s investment arrangements, covers both manager selection and strategic advice. Advice given to trustees by investment consultants in the past has not been […]

Aifa warning on loan introducers

Aifa is warning against too wide a definition of introducers in its response to the Treasury consultation on the regulation of mortgages. Aifa has raised concerns that some firms will want to become appointed representatives for a small amount of mortgage introductions and referrals, but will be unable to do so because they are authorised […]

Lower tier of advice &#39could harm clients&#39

The defined-payment system is an unnecessary intervention in the market, according to specialist ethical investment IFA, the Global and Ethical Investment Advice Partnership, in its response to the FSA&#39s CP121 paper.The Gaeia Partnership has questioned why the FSA has failed to publish any research into the difference, if any, between the types of products and […]

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Auto-enrolment — don’t leave it too late…

With auto-enrolment (AE) well under way for the UK’s largest businesses, over the next three years an additional 800,000 smaller employers (with less than 60 employees) will start their journey to comply with the legislation. AE mandates all eligible employees and their respective employers to make regular pension contributions into a qualifying pension scheme. To learn more about the legislation read our brief Jelf AEase — simple steps to AE compliance guide.


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