Pension reforms need to be handled with care, says expert

Reform of the UK''s tax system needs careful consideration.

Proposals by the government to increase the retirement age to 68 have been met with a cold reception by one pensions expert, who said the move might not be the best one for the country.

Robin Ellison, head of strategic development for pensions at Pinsent Masons, said that the current pension system is unsustainable but he does not welcome the coalition government''s plans for increasing the retirement age.

"I would object to what [Iain Duncan Smith] is doing, I think it is the wrong way to go. What he should be looking at is what the government thinks is the right number of years that the average UK citizen should spend in retirement, which is what the Swedes do," he stated.

The expert added that, if the retirement age is going to be extended, then people should not have to work a full five-day week after the age of 65.

Mr Ellison''s comments came after the government revealed its retirement timetable, which suggests that the retirement age is likely to reach 68 by 2038.