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Warning over pensions 'jargon'

Jargon used by pension providers could be harming people's chances of building up a healthy retirement income, experts have warned.

With millions of workers set to be affected by the new auto-enrolment system this year, research suggests that the majority still find pensions difficult to understand.

The poll found that 57 per cent of people believe pensions are so complex that they are unable to identify the best options available to them.

Just six per cent said they thought pensions were "straightforward" while only four per cent described them as "easy to understand".

The findings suggest that the language used to describe pension schemes may be too complicated, with only 15 per cent finding it straightforward and just seven per cent rating it as better than other types of financial information.

The research also indicates that many employees are apathetic towards the idea of saving for retirement, with only five per cent describing pensions as "interesting" and two per cent saying they found them "engaging".

Tim Jones, chief executive of NEST, which conducted the survey, said: "Pension jargon could be damaging people's chances of building a better income in retirement."

Copyright Press Association 2012

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