Britons are still clueless when it comes to awareness about pensions A-day, a new survey unveiled.
According to a poll by IFA Promotion, the majority of Britons don't know how the UK pensions reform due to come into effect on April 6th next year will affect them.
And given five options about the definition of A-day, only 16 per cent chose the correct option of 'a day when annuity and pension changes come in'.
Nearly half chose Armistice Day, with a fifth opting for A-level results day and one in ten expecting Armageddon on A-day.
The organisation, which promotes the benefits of independent financial advice, found that only one in five Britons have heard of the imminent reforms on UK pensions. And of these, less than a third are preparing to review their retirement pension before A-day.
IFA Promotion's chief executive David Elms commented on the worrying findings of the survey, pointing out that millions of people are bound to lose out by not reviewing their arrangements in order to take advantage of the changes to UK pensions.
The organisation noted that the new UK pension investment rules offer new investment possibilities.
"While the changes are aimed at simplifying matters in the long run, the immediate issue of how they affect each individual’s current provision is not a simple one," Mr Elms said.
"An IFA who focuses on retirement saving advice is best placed to help you understand what steps you might need to take running up to April 6th 2006 and also how you might be able to take advantage of the new rules."
Brits ignorant about UK pensions reform, survey finds
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Brits ignorant about UK pensions reform, survey finds
Tue, 06 Sep 2005
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