Pensions 'are still confusing for many'

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Pensions 'are still confusing for many'

Many people across the UK continue to be confused regarding their pensions provision and this is something the government should look to rectify, it has been claimed.

Tom McPhail, head of pensions research at Hargreaves Lansdown, said many issues face young people who are pushing retirement planning further down their list of priorities.

He commented: "I think with young people, they have more immediate urgent needs, such as paying off debts, buying a home [and] bringing up a family."

Mr McPhail added many Brits may have seen negative publicity regarding retirement planning and this can also put them off, but effectively planning for later life is an important issue that needs to be dealt with.

According to recent comments by Joanne Segars, chief executive of the National Association of Pension Funds, incoming EU proposals regarding UK pensions provision could add significant additional pressure on businesses across the eurozone and result in an increase in company failures.

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