The Government's new low-cost pension, stakeholder, was launched today, the first day of the new ...
The Government's new low-cost pension, stakeholder, was launched today, the first day of the new tax year. But research suggests half the UK population hasn't even heard of it yet and even those who have aren't to clear on the finer points - like whether you need to be working to take one out.
Research conducted for HSBC covering stakeholder and tax-efficient savings found that just over half of those questioned hadn't heard of stakeholder pensions, and only a third were aware of its launch date. Over two thirds didn't know that you don't have to be employed to use one.
On the subject of tax-free savings, 19% realised non-taxpayers could get interest from all savings accounts paid tax free, 35% said only on special tax-free savings plans such as ISAs and TESSAs, 11% said only if they are over 65 and 35% didn't know.
Just under a third knew the maximum sum that can be put into a maxi ISA next tax year is £7k and 42% knew that £3000 is the maximum sum that can be put into a mini cash ISA next tax year.
Thankfully a healthy majority knew when the tax year ended, 62% to be precise.
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