People 'Confused' Over Pensions, Survey Finds

Many Britons do not even know basic facts about saving for a pension, Halifax revealed today.

According to the new poll, four in five do not know when or how their personal pension plan will be paid. Around six in ten also told the firm that they "did not understand" the ways in which the state pension and personal pension plans differed from each other.

Karen Crowshaw, managing director of Halifax Financial Services, commented: "Our research highlights confusion over pensions amongst the British public. We are issuing a timely reminder for people to start thinking about their retirement plans."

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

Halifax released its research to mark the centenary of the state pension, introduced by prime minister Lloyd George in 1908.

The study also showed that there are, on latest figures, 9,000 centenarians in the UK - a figure around 90 times higher than 100 years ago. The firm claimed that this makes people aged 100 or over the fastest-growing age group in Britain today.