Bank of England Chief Economist: Nobody Understands Pensions, Including Me

Andy Haldane, the Bank of England’s chief economist

by Tim Wallace and Tom Morgan

Pensions are impossible to understand and are harming Britons’ efforts to save the right amount of cash for later life, the Bank of England’s chief economist admitted on Wednesday night.

Andy Haldane, one of Britain’s most senior banking officials, said consumer confidence in the financial industry had been damaged because even he cannot make “the remotest sense” of most pension deals.

In a scathing appraisal, he added that banks should use less jargon and speak more clearly as the system has been mired by the loss of the personal touch on the high street.

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