Early access to pensions would attract savers

A new report suggests that early access to pension funds would increase the number of British citizens saving for retirement.

The report by the Pensions Policy Institute investigated the effectiveness of allowing people to draw from their pensions savings if they ran into trouble (with debt, for example) or wanted to buy a home.

It claims that the number of people saving for retirement would go up by a third by 2050 if such a plan was introduced.

A spokesperson for debt management company Gregory Pennington said: “At present, a worrying number of workers are saving either not enough or not at all for retirement, and we are potentially facing large numbers of people falling into debt when they retire.

“We strongly recommend that all workers pay into some kind of pension scheme to ensure peace of mind for the future. It’s also important for anyone approaching retirement with outstanding debts to seek expert debt advice and look into the best way of repaying them before they stop working.”

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Gregory Pennington offer debt management plans as well as a range of other debt solutions. If you are worried about debt, contact one of our expert debt advisers now.