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Standard Life survey shows continuing confusion over pensions

Consumer ignorance surrounding pensions is creating an environment which is discouraging people from investing in their future, according to a survey by Standard Life.


The survey finds that 55 per cent of consumers are not sure how their pension is invested and 49 per cent need advice from traditional financial service providers before buying a pension.


It also finds 74 per cent don&#39t believe the State will provide them with a decent standard of living when they retire and 48 per cent favour compulsory saving for retirement.


Standard Life marketing manager Andrew Black says: &#34People still have very traditional views of pension providers and they continue to lack understanding, particularly of pension fund investment.&#34

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