Brits baffled by UK pension regulations, poll reveals

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Financial Services > Pensions > News

Brits baffled by UK pension regulations, poll reveals

Wed, 16 Nov 2005

Britons are unaware of the scale of the crisis facing the UK pension system, new figures suggest.

Three in five Britons are confident that they will have enough money for their retirement pension once they reach retirement age, an online Mori poll found.

However, with a UK pension deficit of £130 billion, people are not saving enough for their retirement pension according to TD Waterhouse.

The stock broker's chief executive officer, Michael Foulkes, says people should be encouraged to start saving money as part of a long-term financial plan.

But Britons still seem baffled over the new pension regulations, which are due to come into force on April 6th 2006 (A-Day).

Three in five respondents to the Mori survey admitted they were unaware of the new UK pension regulations.

Of those who claimed they understood the impact of A-Day, 41 per cent failed Mori's test on what the new pension regulations entail.

Following the implementation of new A-Day rules, a quarter of private investors say they plan to manage their own retirement pension provision through a self-invested pension plan (Sipp).

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