Too many members of UK pension schemes are unaware of the effect that the A-day UK pensions regulations would have on them, Bestinvest announced.
A possible 11th-hour rush to review UK pensions schemes might put UK pension scheme members in a checkmate position, the financial adviser suggested.
Bestinvest warned that those who stall too long might be fined or find themselves missing out on money saving opportunities.
The independent financial adviser group offered UK pension scheme members a checklist to see how they need to prepare for the new regulations due to come into force on April 6th next year.
"I have no doubt that some individuals will miss out on valuable pre-A-Day pension planning opportunities and/or face a big tax bill in future through lack of planning," said Bestinvest pensions director, Paul Hoban.
He said that he fears that high earners, who are most affected, might not review their pensions in time because they are too busy working.
He warned that failing to act could ultimately cost them "tens, if not hundreds, of thousands of pounds".
Bestinvest advised UK pension scheme members to identify if their pensions breach the Lifetime Allowance of £1.5 million, or £75,000 a year for final salary pensions.
Head of communications at Bestinvest, Justin Modray, added: "Many individuals are turned off by the mere mention of 'pensions', but the costs of failing to plan pre-A-Day could be significant."
Bestinvest warns UK pension scheme members
Pensions Quote Line
0845 108 0505
Bestinvest warns UK pension scheme members
Thu, 07 Jul 2005
Pensions.co.uk is part of a large network of financial sites created to help advise you on life events, such as buying a house, Mortgages.co.uk; insuring your car - CarInsurances.co.uk; your life - LifeInsurance.co.uk; and your home - HomeInsurance.co.uk.
1998 - 2008 UK Pensions - Planning before, at the onset and during retirement.
| pensions news |
|---|
| Government will protect pension holders - Tue, 06 Jan 2009 |
| Pension investors told to consider hotel rooms - Wed, 24 Dec 2008 |
| Pensioners will see a boost to their income - Mon, 15 Dec 2008 |
| More News |
Pensions Newsletter
Please enter your email below and subscribe to our monthly newsletter
Save on Your Mortgage
Would you like to save money on your mortgage? Fill out our quick mortgage enquiry form.
Protect Your Health
Find Critical illness, Life and Private Medical Insurance PMI policies.