The government's constant revisions to the pension system risk making retirement savings incomprehensible to everyday people, it has been claimed.
Commenting in the light of chancellor Gordon Brown's 11th Budget, Jamie Fergusson, pensions development manager at investments specialist Jupiter Unit Trust Managers, warned that many people may choose not to start saving money at all instead of risking the annuity-purchasing "lottery".
And Mr Fergusson suggested that the chancellor's alternatively secured pensions announcement is one of several changes that have made pensions progressively more confusing since the A-Day reforms.
"It appears to be the chancellor's intention to prevent a few wealthy people from using their pension plans to pass their pension savings to the next generation," he said.
"People really need a pension system that is simple."
Comprehensive changes to the UK's pension system were introduced on April 6th 2007, dubbed A-Day.
One of the changes announced was that people who earned more than £30,000 per year would be allowed to become a member of a personal pension and a company pension at the same time.
This move was designed to provide more flexibility for people looking to start saving for an old age pension.
Pensions in danger of becoming unfathomable, analyst warns
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Pensions in danger of becoming unfathomable, analyst warns
Thu, 22 Mar 2007
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