Finance group calls for more flexibility in pension provision

Mortgage and savings group Standard Life has called for UK employers to encourage greater flexibility in pension provision amidst fears that savers are becoming alienated by limited over 50s finance options.

With defined contribution schemes losing up to two-fifths of their value in the past year, the group suggests that businesses should be looking to be more consumer-minded when putting together a benefits package.

Andrew Dickson, senior business development manager at Standard Life, suggests that re-engaging savers with their pension scheme in this way will help them plan their futures more easily and help businesses to retain talent.

He said: "UK pension provision in the future will be one where flexibility at both the saving and retirement stages is fully supported by employers."

Dissatisfaction with existing pension schemes was corroborated by figures released to the Financial Times last week, which suggested that the number of complaints to pension providers about poor service rose by ten per cent in the last year.

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