News: UK adults welcome new pension world
First published 23 September 2014 • Updated 25 July 2017
Positivity for the new pension world
More than 40 per cent of working adults in the UK feel more positive about pension schemes thanks to the new rules coming in April 2015. This percentage comes from a study conducted by the Association of Investment Companies (AIC), as part of their ‘Freedom in Pensions’ series. The study, which focused on adults age 40+, found that nearly 60 per cent of adults believe they will need an income in retirement for 20 years or more. According to the AIC, this research suggests that consumers welcome the new pension freedoms, which is reflected in the results as nearly 30 per cent are said to be ‘more inclined to increase pension contributions’. The highest ranking reason that made consumers more positive is the flexibility to access their money should their circumstances change, an aspect that adults across all ages are looking forward to. There are several pension schemes open to everyone, however it’s best to seek advice from a financial adviser who can help determine which scheme is best for you.
Want to know basic facts about the new rules? Take a look at our ‘Ask the expert’ article featuring Carl Lamb of Almary Green, who answers questions presented by the public on the new pensions scheme.
To read the full AIC report click here.