Barriers to change

The UK has the most complex pension system in the world. Due to its 'bewildering complexity', it is...

The UK has the most complex pension system in the world. Due to its 'bewildering complexity', it is close to impossible for individuals to have a clear idea of what they can in future expect from the state system, and survey evidence shows this is indeed the case. For historical reasons, the private system has a complex legal and tax structure that makes it difficult for many people to combine their pension pots. This creates confusion not only among consumers, but also within the industry itself and Government. There is also a unique complexity in the contracting-out system which has in...