IFAs want overhaul of state pensions system

The research claims 72% of IFAs want to see an overhaul, 83% saying the system it is too complicated for consumers to understand and only 3% believing it should be left as it is. Steve Folkard, head of pensions and savings policy at AXA, says the research demonstrates that even the experts believe there are fundamental problems with the current state pension system. “The greatest concern is the complexity of the system; and how that makes it more difficult for advisers to make recommendations to consumers who may be impacted by means testing or the Pensions Credit," he says. When asked...