ABI and FSA launch pension calculator
The Association of British Insurers (ABI) has joined forces with the Financial Services Authority (FSA) to launch an online calculator designed to help people gauge their income in retirement.
According to the FSA, new research that takes into account how life events affect financial survival in later years indicates that 31% of Britons may see their money problems increase when they enter retirement.
Available on the FSA’s Moneymadeclear website the new tool could be helpful to anyone with a pension fund from a previous employer; those paying into a new pension scheme; or people without any existing pension at all.
As personal circumstances can change frequently, users can adapt criteria to suit different scenarios and see, for example, how potential future income is affected by retiring earlier or by upping pension contributions.
ABI director of life and savings, Maggie Craig, says: “The pension calculator is an invaluable tool for anyone who wants to engage with planning for retirement, and you can’t be too young to start that process.”
She adds: “As ‘defined contribution’ pensions, particularly those available through the workplace, become increasingly popular, the pension calculator will help people to plan for how much they need to save in order to be financially comfortable in retirement.”
Category: ABI News, Financial Services Authority News
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