It may be the end of pensions provision as we know it, but it is not the end of the world – yet one in ten people surveyed recently said they thought that ‘A-Day’ stood for Armageddon.

In a study conducted by IFA Promotion, 11 per cent of those questioned said they thought that A-Day meant the end of the world – when actually the day, falling on April 6th 2006, marks the arrival of new annuity and pension changes.

Just under half (48 per cent) of those surveyed thought the ‘A’ stood for ‘Armistice’, whilst almost one in five (19 per cent) thought it marked the day A-level results come out.

David Elms, chief executive of IFA Promotion, commented: “This simple survey makes a forcible point: most people don’t know pension reform is even happening, let alone what it might mean for them.
“As a result, millions could lose out by not reviewing their arrangements to take advantage of the changes.”
UK consumers can make sure that A-Day doesn’t mark the end of the world for them by seeking information at IFA Promotion’s specially-designed help site www.takepensionaction.co.uk.
To read more about personal pensions, click here.

© Adfero Ltd