Nearly 70% of public don’t understand pensions products

Almost 70 per cent of the British public do not understand which pensions products they should be investing in, new research has found.

According to a Burges Salmon report, which surveyed over 2,000 members of the British public, 67 per cent of respondents said they don’t understand the products available such as assets and funds.

Worryingly, the report also found that 45 per cent find it “fairly” or “very” difficult to access good advice about pensions.

Burges Salmon head of financial services sector, Kari McCormick, said: “We believe that this is a time of change and a time of opportunity for those operating in the life and pensions industry. We wanted to find out what others think and encourage discussion and debate.

“The findings from both our YouGov and industry surveys present a great opportunity for the pensions industry to develop straightforward, useful, easy-to-use products for consumers that will make retirement planning as simple and effective as it can possibly be.”

Furthermore, 58 per cent of respondents said their workplace pensions will not provide sufficient income for retirement, while 59 per cent were in favour of increasing their contributions at set intervals, such as pay rises.

Burges Salmon pensions partner Clive Pugh, added: “Everyone associated with the pensions industry knows it is complex and multi-faceted; it is also in an almost perpetual state of evolution and flux. Regulatory and legislative changes abound.

“I’m pleased that our report discusses some of the challenges facing the pensions industry and a number of common themes have emerged from the interviews and the surveys. Some are surprising, others confirm existing thoughts.”

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