With the launch of a simplified pensions tax system – ‘Pensions A-Day’ – fast approaching, more than half the UK’s worker are unaware that they might need to review their retirement plans.
Some 58% of 1,500 UK pension holders surveyed by investment managers Brewin Dolphin Securities said they were unaware of the need to review pension arrangements after Pensions A-Day on 6 April.
Of the remainder, 92% claimed the government had not done enough to communicate the implications to the public.
Charlotte Black, managing director at Brewin Dolphin Securities, said: “A-Day is all about pension simplification, yet the government seems to have increased levels of confusion among investors.
“It is important that anyone with a pension who is unsure what A-Day means for them does not ignore it because it could have a negative impact on their retirement. However, with many of the new rules only being announced in the Budget – two weeks ahead of A Day – investors could be forgiven for being so puzzled.”
The Financial Services Authority provides useful resources for HR departments on its website.