Ian Naismith, Pensions expert at Scottish Widows said:
"We welcome the announcement that the single £140pw state pension is to go ahead. This is a worthwhile simplification of the system and will bring clarity on what individuals can expect from the state. They can then work out how much they need to save themselves.
"We look forward to seeing the detailed proposals, and in particular how the Government proposes to deal with contracted-out pensions in a way that is fair to all consumers.
"We also welcome the announcement that state pension age increases in the future will be automatic and presumably linked to life expectancy, which will remove these from the political arena."
Iain McGowan, Savings expert at Scottish Widows said:
"Getting people and families saving has a vital role to play in securing future economic growth as both government and business rely on savings pots as a funding source for investment in public infrastructure and company growth.
"The recently launched Scottish Widows Savings and Investment Report shows that over half the population is saving less than they were three years ago, with lack of money being the biggest barrier. The Chancellor's measure to increase personal tax allowance over the is therefore very welcome and will be a real boost for families currently feeling the squeeze on household incomes.
"Low and middle income families should be £175 a year after inflation better off as a result of this move, money which will help families with their short term needs but also help plan better for the future."
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