Consumers 'more familiar with capital of Peru' than pension terms

According to the firm, about 43% of UK adults could identify the capital of Peru but only half that amount could identify the correct definition of a defined contribution pension (22%), income drawdown (22%) or an enhanced annuity (16%). There was also a disconnect between those who said they understood pension terms and the proportion who could identify the correct definitions. More than half (53%) of respondents said they knew what an annuity was, but more than a quarter of those (27%) chose the wrong definition. More worryingly, two in five (41%) said they had ignored information g...