Early pension access may encourage savings

Flexible access to pensions could result in higher retirement savings in the long run. Any scheme which allows people to dip into their pension savings should not be too complex for savers to understand. Early access to pension savings could benefit savers and encourage them to put more cash away for their future, according to online insurance firm LV=. The firm put forward its view to the Treasury earlier this year, supporting proposals to allow people to get hold of their saved pension capital before they hit the age of retirement.