Pensions system 'surrounded by confusion'

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Pensions system 'surrounded by confusion'

A financial expert has suggested many people are likely to be puzzled by recent changes to pensions legislation.

Chief executive of Addidi Wealth Anna Sofat said there is still "quite a bit of confusion" over retirement planning, despite the government's attempts to simplify the system.

"We have [had] many changes since April 2006 when pension simplifications came in, but the continuous changes have been anything but simple," she commented.

Ms Sofat added that public sector workers are facing major changes to pension provision in light of Lord Hutton's report on the subject.

She described employees in the public sector as "typically people who have not had to worry too much about their pensions", but noted that such an attitude no longer seems viable.

Lord Hutton has recommended that public sector pensions should be changed from a final-salary basis to a sum based on average pay over a worker's entire career.

He also proposed that workers draw their pension later in life, as people are living for longer and the state pension age is due to reach 66 for both men and women by 2020.

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