The Association of Investment Trust Companies (AITC) has discovered that 71 per cent of people questioned were unfamiliar with the imminent changes to the UK pensions system, or A-Day, as it has been labeled.
Another fact to unfold out of this survey is that only 12 per cent of those who are aware of these new pensions regulations intend to make any changes to their retirement pension portfolios.
Investors will be able to retain assets such as residential property in their Self Invested Personal Pension (Sipp).
Those with a company pension fund and earnings over £30,000 per year will be able to take out a Sipp in addition to any other retirement pension they may have.
People who have been saving money will be able to pay up to 100 per cent of their earnings into their retirement pensions.
Daniel Godfrey, director general at AITC, said: "A-Day presents a real opportunity for the investment trust industry, which historically has not been given the opportunity to play a major role in the personal pension market.
"However the AITC's research suggests that it's going to be a case of evolution rather than revolution in terms of developing a step change in the way people save for retirement, and education will need to play a key role in this."
AITC uncovers mystery about pensions regulations
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AITC uncovers mystery about pensions regulations
Wed, 28 Sep 2005
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