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&#39Pension crisis is a myth&#39

The pension crisis is a myth as any problems dogging the system could be solved through education, according to experts.

Testifying before the select committee last week, representatives of prov-iders, consultants, actuaries and the ABI all denied there is a crisis and said much of the problem is cyclical in nature.

Faculty of Actuaries chairman Tom Ross told the committee that there is a crisis of confidence in the system but said expectations in the past have been unrealistic.

Head of the pensions board at the Institute of Actuaries Peter Tompkins said the problems are manageable by providing information which is not presently available to consumers.

Providers also rejected the idea that there is a crisis. They said the main problem was distribution and an “insultingly complex pension system”.

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