Stakeholder Pensions - West Midlands sees a rise in awareness
13 August 2001
Stakeholder Pensions - West Midlands sees a rise in awareness
West Midlands sees a rise in awareness
New figures from IFA Promotion, the organisation promoting the benefits of independent financial advice, reveal that where as people in the West Midland's awareness of Stakeholder pensions has risen by 10% - from a shocking 34% in February to 44% now - still only 11% of people are planning to take advantage of the Government's pensions brainchild.
The research, conducted for IFA Promotion by BMRB, uncovers continuing confusion surrounding Stakeholder and pensions in general, with over half (56%) of respondents in the dark when it comes to retirement planning - an increase of 10% 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 in the West Midlands:
- 64% of people heard about Stakeholder through the press, as opposed to only 15% through their employer.
- 65% of those asked would take advice from an IFA before taking out a Stakeholder, compared to 45% going to their employer.
- 57% of people are not saving into any form of pension.
- 21% of those contributing to a pension don't know if it's a Stakeholder or not. Compared to National average of 22%
- 24% 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 |
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