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Study reveals pension 'concerns'

Almost two thirds of people with concerns about the new pension reforms are worried they will run out of money before they die, according to a study.

The National Association of Pension Funds (NAPF) surveyed pension savers aged between 55 and 70 and found the majority (63 per cent) backed the changes.

But some also had concerns about the potential downsides.

The changes will see people being given more freedom to take their pension how they wish, as opposed to being made to buy an annuity when they retire.

Some 63 per cent of those with concerns said they were worried that their pension pot may run dry before they die, while almost half (47 per cent) said they were anxious about the possibility of being mis-sold unsuitable products.

Meanwhile, around a third (36 per cent) highlighted the threat of bogus retirement schemes.

One in 10 said there could be too much choice over schemes, which could delay them in making a decision about what to do with their cash.

Copyright Press Association 2015

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