· 47% know “A-Day” refers to pension reforms, up from just 16% in June
· 57% of pension savers have no idea of their pension value, and just 21% plan to review their pension arrangements in the next six months
· www.takepensionaction.co.uk explains what the changes mean to you
Public awareness of “A-Day”, as both a term and a reality, has shot up over the past half year, according to survey findings* from IFA Promotion, the organisation promoting the benefits of independent financial advice. However, with just three months to go until wide-ranging reforms to UK pension rules take effect, just 21% of UK adults intend to review their pension arrangements and whether “A-Day” could benefit or cost them [See breakdown of results on p2].
In June 2005, only 16% of UK adults recognised that the term “A-Day” referred to pension reforms, with more people plumping for “Armistice Day” or “A-Level results day”, and a worrying 11% associating it with “Armageddon, the end of the world.” IFA Promotion’s updated survey, carried out this month, reveals that nearly half (47%) can now rightly identify what A-Day refers to.
When asked whether they had heard of the imminent, far-reaching reforms to the pension system, 41% of respondents said they had, compared to a mere 21% awareness in June of last year.
David Elms, Chief Executive of IFA Promotion, “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. 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.”
-more-
IFA Promotion has updated its A-Day help-site, www.takepensionaction.co.uk , to reflect the changes announced by the Chancellor in his pre-Budget Report. Visitors can see how A-Day could affect their specific situation, and steps they can take to benefit, or avoid losing out, from the April 6th reforms.
- ends -
* IFA Promotion commissioned YouGov to survey 2276
IFA Promotion A-Day survey results, January 2006 and June 2005
Q1) What do you think the term A-Day refers to? (prompted options):
|
January 2006 |
Adults |
Men |
Women |
<30 |
30-50 |
50+ |
|
Armistice Day |
25 |
27 |
23 |
34 |
26 |
19 |
|
A-Level results day |
6 |
8 |
5 |
6 |
5 |
7 |
|
State Administration changes |
14 |
10 |
17 |
18 |
16 |
9 |
|
Annuity and pension reform |
47 |
48 |
46 |
36 |
45 |
53 |
|
Armageddon |
8 |
8 |
9 |
6 |
6 |
11 |
|
June 2005 |
Adults |
Men |
Women |
<30 |
30-50 |
50+ |
|
Armistice Day |
46 |
48 |
44 |
56 |
52 |
35 |
|
A-Level results day |
19 |
19 |
19 |
13 |
15 |
25 |
|
State Administration changes |
8 |
5 |
12 |
12 |
8 |
7 |
|
Annuity and pension reform |
16 |
19 |
13 |
10 |
15 |
20 |
|
Armageddon |
11 |
10 |
12 |
10 |
9 |
13 |
Q2) Had you heard about these reforms before? (after a brief explanation)
|
“Yes” |
Adults |
Men |
Women |
<30 |
30-50 |
50+ |
|
January 2006 |
41 |
44 |
39 |
30 |
34 |
53 |
|
June 2005 |
21 |
23 |
19 |
15 |
17 |
28 |
Q3) Do you plan to review your pension situation in the next six months?
|
“Yes” |
Adults |
Men |
Women |
<30 |
30-50 |
50+ |
|
Jan 2006 (...in next 6 months?) |
21 |
23 |
20 |
23 |
23 |
19 |
|
June 2005 (...before A-Day?) |
8 |
11 |
5 |
5 |
9 |
8 |
For expert comment or case studies from over 200 media-friendly IFAs, journalists should call IFA Promotion’s Media Services hotline on 020 7294 3682 or search online in ‘Media Services’ at www.unbiased.co.uk
For further information please contact:
Chief Executive Lansons Communications
IFA Promotion 020 7294 3641/ 3681
020 7833 3131
1. Independent Financial Adviser Promotion
IFA Promotion was established in 1989 to promote the value and accessibility of independent financial advice to the public. It represents around 9,000 firms of independent financial advisers across the
IFA Promotion believes Independent financial advice should be:
· Affordable. The option to take independent financial advice should be available, by right, to all - not just the wealthiest in society.
· Convenient. IFAs should be available in the location of the consumer’s choice, wherever they live in the
· Transparent. It must be clearly transparent to consumers who is able to offer independent financial advice and who is not.
2. Independent Financial
|
|
National Savings & Investments |
|
Abbey |
Natwest Business Banking |
|
AXA Life |
New Star Investment Funds |
|
BUPA Health Services |
Old Mutual Asset Managers ( |
|
Canada Life Ltd |
Prudential |
|
The Children’s Mutual |
Scottish Equitable Plc |
|
Clerical Medical Investment |
|
|
Friends Provident |
|
|
GE Life |
|
|
GMAC Residential Funding |
Skandia UK Group |
|
INVESCO Fund Managers Ltd |
Southern Pacific Mortgage Limited |
|
Legal & General |
Standard Life Assurance Company |
|
London Mortgage Company |
|
|
|
|
|
Mortgage Express |
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