Consumers lack understanding of pension acronyms

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...