Pension freedoms causing confusion and longer careers for UK's older workers, study shows
Older workers are now planning to retire later because of pension concerns, the research found
Almost two-thirds of working over-55s in the UK have admitted they are confused by the rules around pensions since the government introduced more freedom to the sector in 2015, according to a new study.
Pension freedoms, launched by the former chancellor, George Osborne, give everyone aged 55 years and older greater flexibility on how to use their defined contribution pension funds, where previously they were required to purchase annuity products with their savings.
Read more FCA adds to confusion created by Osborne’s pension freedom reforms Research from Prudential shows that 64 per cent of over-55s say they are confused by the regulations, while 82 per cent want the government to stop making changes to pension rules.
Meanwhile, 42 per cent are concerned about running out of money during retirement and 41 per cent are worried about paying for long-term care.
People are growing inc..