UK pension system needs simplifying, says Addidi

By Tom Farley, Wed 3 Aug 2011 - Published in Pensions

Pension systems need to be simplified for the next generation to understand them, according to wealth management service Addidi.

The organisation stated people planning for their retirement could benefit from a restructuring of the sector so they can decide what to do with their money and savings.

Anna Sofat, director at Addidi, said: "Having complicated rules doesn't help.

"Far more young people are beginning to think about pensions quicker than they used to 15 or 20 years ago. We typically used to see people in their mid 30s beginning to think about pensions. Now we're looking at mid to late 20s."

It was revealed by the Workplace Retirement Income Commission (WRIC) recently that there is a widespread concern about the charges, risks and complexity of the pensions market in the UK.

The WRIC's report highlighted that this will affect over 23 million people in private sector jobs in the years to come.

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