Britons 'Confused' Over Their Pension Plans

Retirement savings plans are a source of "confusion" for seven million people aged over 50, Liverpool Victoria has indicated.

According to the insurer, current tax legislation and other rules have served to deepen general consumer ignorance on the topic - even as their retirement date approaches. Liverpool Victoria also found that a majority (56 per cent) of over-50s in the UK have never taken any form of financial advice regarding their pensions savings.

However, of the group of over-50s who had sought help, a professional independent advisor was the most likely destination of 49 per cent. This figure went up to 55 per cent of 60 to 65-year-olds.

Rodney Cook, life and pensions marketing director at Liverpool Victoria, commented: "So many people facing retirement admit that they don't understand financial planning rules and legislation. And this is set to be a real growth area for the financial advice industry, as people are living longer than ever before, so will need effective retirement solutions to maximise their income.

"With an 'anxious majority' of seven million pre-retirement people admitting they are confused by the legislation surrounding pensions and retirement planning, it is clearly vital that people take advantage of professional advice to maximise their retirement wealth, to help ensure their comfort in old age."