Bank of England's chief economist calls for more simple pension system

Andrew Haldane says workers have little chance of making sense of funds when financial experts 'have no clue either'

Over-complex pensions are harming the UK economy and reinforcing mistrust of the financial sector, the Bank of England's chief economist has warned, as he admitted even he was unable to make the "remotest sense" of them.

Andrew Haldane said ordinary workers had no chance of making informed decisions for their retirement funds when experts and financial advisers "have no clue either".

Related: Pensions regulation gaps could see workers lose savings, MPs warn