Brits 'to benefit from pensions simplification'

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Brits 'to benefit from pensions simplification'

Individuals of all ages across the UK will benefit from the introduction of the new auto-enrolment scheme as it aims to make pension saving that much easier in the years to come, it has been claimed.

Jonathan Lipkin, head of research and pensions at the Investment Management Association, said the fund management sector will continue to have an important role to play in ensuring individuals are saving effectively for their retirement, but this latest move is a positive step towards making the UK pensions system fit for the 21st century.

He commented: "An important challenge to building confidence in long-term pension saving is the complexity of the current system. Automatic enrolment is a simple and welcome mechanism to encourage behavioural change."

Furthermore, recommendations in a white paper published last week by the Department for Work and Pensions recommended that Brits should be able to transfer small pension pots between auto-enrolment schemes when moving jobs, further simplifying long-term saving.

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