UK pension system 'too complicated'

Posted on 09 August 2011

The UK pensions system has been deemed "too complicated" and may be hampering some consumers' ability to plan for their future.

Attempts have been made to simplify the UK's pension regime since 2005, claims Addidi director Anna Sofat, who believes that more needs to be done to "make things simpler".

Recent pension reforms could even be hampering the ability of some Brits approaching retirement to make long term care plans for their future.

Ms Sofat noted: "We forever seem to go through changes and it's very difficult for individuals to keep abreast of them, especially now.

"If you breach certain rules or anything there are real penalties now."

Concerns over the potential impact of cuts to pension pots is also widespread.

Research by Badenoch and Clark published last week indicated that nearly half (45 per cent) of public sector workers would rather their salary was reduced than their pension package.

More than half (54 per cent) also claimed that threats to pension benefits are worth striking over.

Posted by Tony Mynott

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