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Insurer detects over-50s' pension 'confusion'

Many people aged over 50 are "confused" over the status of their pensions savings, research from Liverpool Victoria has shown.The insurer said that around seven million of the group felt unclear about their retirement plans - while 56 per cent confirmed that they had "never" sought out any advice on the subject.Of the remaining 44 per cent, however, almost half had sought out professional help from an independent financial advisor - a figure that went up to 55 per cent of over-60s who had yet to reach retirement age.Commenting on the study, life and pensions marketing director at the firm Rodney Cook said: "So many people facing retirement admit that they don't understand financial planning rules and legislation. And this is set to be a real growth area for the financial advice industry, as people are living longer than ever before, so will need effective retirement solutions to maximise their income."He added: "With an 'anxious majority' of seven million pre-retirement people admitting they are confused by the legislation surrounding pensions and retirement planning, it is clearly vital that people take advantage of professional advice to maximise their retirement wealth, to help ensure their comfort in old age."

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