David Fairs, Pensions Partner, KPMG UK, comments on the discussion today around moving the state retirement age. He said:
"There is a real challenge in the UK with life expectancy being markedly different across different groups of the population as highlighted in Cridland's interim report today.
"For some, working into later life will be deeply satisfying but for others who have challenging or physical jobs, working to almost 70 will be utterly unrealistic. As State Retirement appears to be retreating into the distance there is an increasing need for individuals to save for later life so that they have options around when they retire.
"The Government urgently needs to define a retirement and savings strategy that enables people later inlife to have real choices around when and how they want to transition to retirement. At the moment, we have a complex and confused picture with products like pensions and LISA competing for hard earned savings and we have an increasingly large section of the workforce in the gig economy who are excluded from pension savings because they fall outside the catchment of auto enrolment."
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Notes to Editors:
KPMG LLP, a UK limited liability partnership, operates from 22 offices across the UK with approximately 13,500 partners and staff. The UK firm recorded a revenue of £2.07 billion in the year ended 30 September 2016. KPMG is a global network of professional firms providing Audit, Tax, and Advisory services. It operates in 152 countries and has 189,000 professionals working in member firms around the world. The independent member firms of the KPMG network are affiliated with KPMG International Cooperative ("KPMG International"), a Swiss entity. Each KPMG firm is a legally distinct and separate entity and describes itself as such.