Stakeholder Pensions - Scotland sees a huge rise in confusion
13 August 2001
Stakeholder Pensions - Scotland sees a huge rise in confusion
Scotland sees a huge rise in confusion
New figures from IFA Promotion, the organisation promoting the benefits of independent financial advice reveal that although awareness of Stakeholder pensions in Scotland has risen from 27% in February to 44% in June, this is still well below the national average of 56%. And of these, only 7% of people are planning to take advantage of the Government's pensions brainchild - this compares with a national average of 10%.
The research, conducted for IFA Promotion by BMRB, uncovers continuing confusion surrounding Stakeholder and pensions in general, with those living in Scotland having one of the highest rates of confusion. Well over half (56%) of respondents are in the dark when it comes to retirement planning - an increase in awareness of 14% on February's figures.
David Elms of IFA Promotion said: "The worrying trend is that as people are becoming increasingly aware of stakeholder pensions, they are becoming more and more bewildered. The Government and the media have played their parts in raising people's awareness, but people now need to be made aware of the impact of Stakeholder on their own individual circumstances, by seeking professional independent financial advice.
The research from IFA Promotion also found that in Scotland:
- 47% of people heard about Stakeholder through the press, as opposed to only 32% through their employer.
- 48% of people are not saving into any form of pension. However those living in the North West of England have made the least provision of all, with 71% having no retirement nest egg in place.
- 20% of those contributing to a pension don't know if it's a Stakeholder or not.
- 16% already have a Stakeholder-compliant pension in place.
Elms concluded, "Until understanding increases, the Government will have a tough job persuading people to take responsibility for their own retirement planning. Whether through Stakeholder or otherwise, pensions planning is a complex process, and people should seek professional, independent advice to ensure they pick the right retirement vehicle for their needs."
To speak to an IFA about Stakeholder or pensions in general, people should call the IFA Promotion freephone hotline on 0800 085 3250 or visit www.unbiased.co.uk where details of local IFAs will be provided.
- ENDS -
IFA Promotion will continue to monitor awareness and understanding of Stakeholder pensions over the coming months and circulating regular updates to media.
| David Elms CEO IFA Promotion 020 7833 3131 |
or | Shellie Wells / Pippa Russell Lansons Communications 020 7490 8828 |
Post this article to:
del.icio.us
Digg
Newsvine
Reddit
Furl
MyYahoo!
Facebook
Read more press releases
