Britons are becoming increasingly aware of the changes to the UK pension system that are due to come into effect on A-Day, April 6th, new research shows.
This is almost a third more than in June last year, showing a "remarkable rise in awareness" since last summer, says David Elms, the chief executive of IFA Promotion, which conducted the research.
The promotional body for independent financial advisers further revealed that 57 per cent of those saving money towards their retirement pension have no idea about their pension value.
Within the next six months, only one in five plan to review their retirement pension arrangements, according to IFA Promotion.
"Although a worrying six out of ten people have still not heard of the A-Day reforms, there has been a remarkable rise in awareness since last summer, but this isn't being matched by intended action," Mr Elms continues.
He says there is "no doubt" that many of the people saving money towards their retirement pension will end up in a worse position if they fail to take the changes to the UK pension system into account.
"And for many people, the time to act is now, not in three months time, when some of the potential opportunities to protect existing benefits will have been and gone," Mr Elms concludes.
A-Day awareness on the rise, financial advisers say
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A-Day awareness on the rise, financial advisers say
Tue, 31 Jan 2006
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