Even with UK pensions constantly featuring in the media, many people still don't know how the new UK pensions rules will affect them.
A-day legislation will change how pensions work, but most people older than 45 still do not know how this will affect their retirement pension.
According to a poll by the website 50Connect, 60 per cent of over-45s admit to knot knowing what the new rules, due to come into force on April 6th 2006, mean for them.
And even though a small group has knowledge about the new UK pensions rules, they are unsure how pension entitlements may change and what is expected of them before A-day.
The money editor for the lifestyle website, Dale Lovell says that it is important that older people are made aware of these changes to the UK pensions system.
"The new changes could come as a big surprise to many saving for retirement because where considerable pension benefits have already been built up, A-day legislation could lead to tax charges as high as 55p in every £1," Mr Lovell commented to IFAonline.
He said that the average UK pension holder will also be able to benefit from the changes to UK pension rules, if they are prepared for A-day.
New UK pension rules still confuse
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New UK pension rules still confuse
Wed, 03 Aug 2005
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