Despite public awareness of A-Day almost tripling over the last six months, people are still not taking enough action to meet the reforms, warns new research from IFA Promotion.
YouGov, on behalf of IFA Promotion, surveyed over 2000 adults in June 2005 and January 2006, to discover their views on A-Day and the proposed reforms.
In June last year, just 16% of adults recognised what the term meant, with more people plumping for “Armistice Day” or “A-Levels results day”, while 11% associated it with “Armageddon and the end of the world”.
But six months later, the results from January’s survey showed public awareness had almost tripled, with 47% recognising the term referred to pension reforms.
The updated survey also showed an increase in the number of people who had already heard of the reforms, almost doubling from 21% in June to 41% in January.
However, despite the raised profile, only 21% of respondents plan to review their pension arrangements in the next six months, and 57% of savers have no idea what their pension value is.
David Elms, chief executive of IFA Promotion, says: “Although a worrying six out of ten people have still not heard of the A-Day reforms, there has been a remarkable rise in awareness since last summer, but this isn’t being matched by intended action.”
He adds: “There is no doubt that millions of retirement savers will end up worse off by not reviewing their pension arrangements to take account of these reforms. And for many people, the time to act is now, not in three months time, when some of the potential opportunities to protect existing benefits will have been and gone.”
If you have any comments you would like to add to this story or would like to speak to its author about a similar subject, telephone Nyree Stewart on 020 7968 4558 or email [email protected]IFAonline
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