Pinsent Masons criticises pensions calculator rules

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Pinsent Masons criticises pensions calculator rules

Wed 8th Dec 2010

A source from Pinsent Masons has criticised the pensions system in the UK, claiming that the government needs to act to resolve certain issues.

Partner at the law firm Robin Ellison described the retirement framework in the country as "dysfunctional" and suggested private pensions are over-regulated.

In his opinion, the tax system related to such savings is "destructive", adding: "Whether the government will change the rules to encourage [pension saving] is not yet certain, but they should."

Mr Ellison went on to say that not many people can understand the provision provided by the state as a result of its complexity.

His comments were made in response to a study by RSA, which indicated that 40 per cent of the value of a pension is taken up by fees.

The Pinsent Masons representative welcomed the research by RSA, noting that the firm is aiming to tackle on of the major problems with private pensions - how expensive they can be.

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