With A-Day fast approaching it has been revealed that almost half of Brits are not yet convinced they will save more towards their retirement fund, suggests new research.
According to the pensions provider Prudential, 47 per cent of the consumers they surveyed said they are unsure whether the simplified pension policies to be enforced after April 6th will encourage them to save more.
However, David Dunn, director of pensions at Prudential thinks the problem lies with consumers not fully understanding how the new legislation will affect them.
"A-day allows people to maximise their retirement saving," he explained.
"Rather than constricting peoples' saving with complicated rules and yearly allowances, from A-day people will be able to save more at the point in life when they can afford to do so, and still benefit from the generous tax breaks on their savings."
In order to help consumers with their pension plans, the pension provider has issued an A-Day pocket planner to provide simple explanations on the benefits of post A-day legislation.
The aim of A-day is to completely simplify pension schemes and help get more people to think about their financial future, in light of the fact that a large proportion of the working population are not putting anything aside for their retirement.
It aims to allow consumers to earn more tax relief on contributions, make payments into several pension schemes and retire when they want to with consumers able to access their retirement funds from the age of 50 upwards.
Almost half of Brits dubious of A-Day suggests research
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Almost half of Brits dubious of A-Day suggests research
Thu, 30 Mar 2006
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