UK - The Pensions Commission will urge the government to simplify the "overly-complicated" pensions system, delegates at Mercer's Global Investment Forum were told.
The independent commission – which is due to report in September – believes the combination of the private and state systems proved “significant barriers” to savers.
Chairman Adair Turner said: “The complexity of the system – a natural product of the many changes it has been through – is a disadvantage. There is a need to create a state system simple and stable enough to communicate to people exactly what they can expect in retirement.
“This needs to be combined with a private system simple enough to reduce regulatory costs and turn people into informed purchasers.”
But Turner warned that the commission did not have a magic wand with which to introduce simplification and, “as with all moves to simplification”, there would be winners and losers.
This week's edition of Professional Pensions is out now.
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