AEGON suggests pensions calculator system 'too complex'

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AEGON suggests pensions calculator system 'too complex'

Thu 20th Jan 2011

AEGON has claimed the current pensions framework is too complex and consumers are struggling to see the benefits of contributing to such products.

Otto Thoresen, chief executive of the company, explained that certain design elements are influencing people's behaviour and a lack of understanding is leading many individuals to shun retirement savings.

He said: "All commentators agree that the UK faces a chronic level of under-saving and that more needs to be done to help people fund their retirement years."

Mr Thoresen's comments were made after AEGON published a series of recommendations regarding the pensions system, with these suggestions including renaming tax relief as 'matching', allowing early access to pension savings and conducting a mass education campaign.

Recent research by Scottish Widows demonstrated that 27 per cent of pensioners found the retirement transition difficult, with 30 per cent revealing their income is not sufficient for them to maximise enjoyment of their post-work years.

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