Personal Pension  

Complexity blamed for savings failure

People failed to save enough for their retirement because pensions became too complicated, Nick Ayton has said.

Mr Ayton, who founded specialist provider GenLife, said this may not be helped by providers with legacy systems that hamper auto-enrolment.

He added: “The biggest reason people fail to save more is complexity. Auto-enrolment was designed to make it easy to join a pension scheme. However, many legacy pension providers seem to want to make this more difficult than needs be.”

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His comments came as GenLife appointed intellectual property barrister and entrepreneur Andrew Eborn as its new chairman.

Adviser view

David Crozier, director at Co Down based Navigator Financial Planning, said of providers with legacy systems: “I don’t think it is a lack of willingness, it is more a problem of systems. So obviously it is better to go for the younger, more streamlined operations.”