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Vahey calling for probe into at-retirement

Aegon Scottish Equitable head of pensions development Rachel Vahey has called for a Government review of the at-retirement market.

She says due to increasingly complex retirement needs and the lack of savings provision to meet aspirations, there needs to be a holistic review of the market rather than the Government trying to tinker with details of tax or pension legislation.

She says it would be better for the Government to introduce a personal accounts scheme run by the private sector, such as New Zealand’s Kiwi-Saver scheme.

Vahey says: “People approaching 60 no longer want to hang up their work tools and pick up their slippers – they may want to carry on working full-time or part-time. They do not fully understand the consequences of longevity on their income or the potential impact of long-term care if they require it. We need research to understand the challenges.”

Budge and Company associate director Kevin Anderson says: “People need to start thinking differently but I am not sure a review is the answer. We need more flexible products such as Isas that transfer into pension plans and are marketed as combined products to encourage people to save when they are younger.”


Osborne accused of talking down pound

Conservative Shadow Chancellor George Osborne has come under fire for talking down the pound after saying that Britain is heading for a “collapse of Sterling”.

Simon Fletcher

Auto-enrolment: pay attention or pay the price

By Simon Fletcher

As a chief executive officer of a business in the financial services sector, I have been dealing with the introduction of auto-enrolment for our clients for some time, but I can also speak from an employer’s point of view, having to go through the process ourselves.


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