UK pension system is complicated and confusing, says Addidi

By Tom Farley, Mon 8 Aug 2011 - Published in Pensions

The UK's pension system has become extremely confusing and complicated over the years, according to Addidi.

It noted that if this particular sector keeps changing its rules and regulations, then it is extremely difficult for Brits to keep on top of all the alterations.

Anna Sofat, director of the wealth management service, said: "If you breach certain rules or anything there are real penalties now.

"The reality is that it has become anything but simple. I do think we do need to make things simpler."

She added that it would be much easier if there were fewer legislative regimes regarding pensions in the future.

Research by Badenoch and Clark recently revealed that 45 per cent of public sector workers stated they would rather have their yearly salary reduced than their pension package.

On top of this, more than 54 per cent of Brits said that threats to benefits like pensions were worth striking over.

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