Research highlights 'pensions confusion'

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Nearly 80 per cent of people in the UK are unaware of when their personal pension will be paid out to them, according to new research.

Halifax's latest Pension Health Check also found that 83 per cent of retirement savers do not know how much of their provision will able available as a tax-free lump sum.

In addition, two-thirds of people are allegedly unaware of the difference between a personal and state provision, while 35 per cent do not believe they are entitled to a state pension.

Karen Crowshaw, managing director of Halifax Financial Services, said that the study highlighted "confusion over pensions amongst the British public".

"Costs are rising and people are living longer which means it is more important than ever before that people have the funds in place to support their lifestyle in retirement," he explained.

"It's important that people seek financial advice when arranging their pension."

Recent research by Legal & General found that in order to have a pension income of £20,000 a year, 25-year-olds need to put away monthly premiums of £205.

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