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Pensions simplification not the answer says Bamford

Sofa chairman Nick Bamford believes pension simplification is not the answer and will only add another layer of complexity on top of what is already there.

Speaking at the Chartered Insurance Institute conference in London, Bamford said that while simplification sounds good and is a positive goal, he does not believe it will work as Britons are not saving enough simply because they do not have the money to.

He believes tax incentives or compulsion are the only ways to entice people to save for retirement.

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