Consumers lack understanding of pension acronyms

Simplified communication needed, experts say

Julia Bahr
clock • 2 min read

There is a widespread lack of understanding of common pension acronyms, according to the latest Aegon consumer research.

Three quarters (74%) of UK adults were unable to identify any acronyms they were tested on, it found. SIPP was the most known acronym but only one in 12 (8%) were able to identify this stood for ‘Self Invested Personal Pension', according to Aegon. Only 2% of people knew that ESG meant Environmental, Social and Governance, the survey also showed. Acronyms are commonplace in the financial services industry, according to Aegon. It said they played a role in shortening phrases and complex terms but for those outside the industry, including the millions of customers, they could ofte...

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