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Economics, government & businessLatest NewsHR strategyPay & benefitsPensions

Pensions shake-up leaves investors and public in the dark as Pensions A-Day approaches

by Personnel Today 28 Mar 2006
by Personnel Today 28 Mar 2006

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.


www.fsa.gov.uk/pensions

Personnel Today
Personnel Today

Personnel Today articles are written by an expert team of award-winning journalists who have been covering HR and L&D for many years. Some of our content is attributed to "Personnel Today" for a number of reasons, including: when numerous authors are associated with writing or editing a piece; or when the author is unknown (particularly for older articles).

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