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WESLEYAN - Financial care since 1841

Pension saving 'must start early'

The issue of retirement planning must be focused on by UK workers at an early stage in their careers.

That is according to the National Association of Pension Funds director of policy, Darren Philp, who said a greater amount of responsibility needs to be taken by individuals in this area.

The process of saving for retirement has to begin as soon as people feel they are able to start putting money aside, Mr Philp added.

Reforms to the state pension age might also be required to help the UK cope with the demands of an ageing population, the expert said.

"As people live longer, the state pension age will have to rise to help keep the country's finances under control," he stated.

"But increases need to be fair and done in a way that gives people plenty of time to plan."

He made his remarks after the Office for Budget Responsibility suggested that the impact of an ageing population may need to be tackled with further increases in tax or spending cuts.

Copyright © Press Association 2011

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