Expert calls for pension simplification

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Financial Services > Pensions > News

Expert calls for pension simplification

Tue, 19 Dec 2006

An expert is calling upon the pensions industry to simplify the terminology which it employs - or risk alienating customers.

Consumers are "cold and apprehensive" because of the language employed within the industry, according to consumer advice group Defaqto.

The company has published a document - The Pensions Report - which suggests that the very word "pension" has become less highly-regarded by the public.

Pensions industry bodies should take steps to ensure that consumers have renewed faith in savings, states Defaqto.

Matt Ward, Defaqto's head of pensions and wealth management, comments: "Enhanced educational facilities and programmes will play a key role in empowering consumers to make informed financial decisions over the long-term, but the industry can achieve quick wins by simply improving the language used to convey pensions information."

He added that pension customers would be able to identify more readily with terminology familiar in everyday life - and the industry must take advantage of this.

Last week, the Department for Work and Pensions unveiled the changes to the pensions system, claiming that millions of workers could benefit from the amendments.

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