Brits ignoring pension reform

Tuesday, September 6, 2005

People in Britain are still not aware of the pension reforms due to be implemented on "A-Day", according to a new report.

Research carried out by IFA Promotion revealed that just 16 per cent of people in the UK know that the term refers to sweeping pensions changes which will take place on 6 April 2006.

In a survey, 46 per cent of respondents thought that the "A" stood for Armistice, 19 per cent thought it referred to A-Level results day and 11 per cent even thought it meant Armageddon.

Chief executive at IFA Promotion, David Elms, said: "This simple survey makes a forcible point: most people don’t know pension reform is even happening, let alone what it might mean for them.

"As a result, millions could lose out by not reviewing their arrangements to take advantage of the changes."