Six out of ten people have no plans to review their pensions arrangement ahead of A-Day, according to a survey conducted by Norwich & Peterborough Building Society.
Details of the study reveal three-quarters (75%) of those questioned do not know what A-Day is, and almost half do not think it will have any impact on them.
This is despite further research suggesting 31% don’t know if it will affect them, and only 41% have plans to seek advice from an IFA when reviewing their pension planning.
At least 63% say ahead of that, they would seek advice from family or friends, and only 13% would specifically go to a financial intermediary or seek advice through the workplace, as the remainder are more likely to “look at internet sites and newspapers”.
And fewer than eight in ten people questioned have thought about how they will copy financially once they retire, says Judith Dove, head of N&P’s financial advice service, even though they have been urged by financial advisers and relatives to do so.
“Despite people stating they have been encouraged by someone to consider their future it’s worrying that 59% have no intention of seeking advice and reviewing their pension plans before A-Day. The aim of the change is to simplify pension matters in the long run but there is also an immediate issue of how an individual’s provisions could be affected,” says Dove.
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 Julie Henderson on 020 7968 4571 or email [email protected].IFAonline
Two global vehicles
'Further plug advice gap'
Must appoint separate CEOs and boards
Advisers do come out well
Will report to Mark Till