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Byline: WITH TRICIA PHILLIPS
CONSTANT tinkering and changes have left the pensions system in chaos.
Almost a third of people said they struggle to keep up with how it works.
Research from investment firm Close Brothers Asset Management also shows less than one in 10 feel confident they understand pensions and could use their knowledge to their advantage.
Three-quarters of people don't know how much is in their pot and two-fifths haven't a clue how many pensions they have.
Despite this level of confusion, nearly three-quarters of savers have never taken professional advice.
This could leave millions of people without a clear plan to build up enough savings for their older age.
David Newman, head of pensions at Close Brothers, said: "Widespread confusion brings with it a real threat that people are not saving enough for retirement, or using the products and allowances that best support their pension saving.
"Pension freedoms have brought opportunity, but allowing this to be undermined by a lack of education and understanding risks setting the UK on course for a savings crisis."
As pension products continue to become more complex, it is vital that people make informed decisions about their savings.
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|Publication:||Daily Record (Glasgow, Scotland)|
|Date:||Aug 2, 2017|
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