A survey by IFA Promotion, the financial adviser trade body, has revealed that when polled about 'A-Day' definitions, 11% thought that it meant 'Armageddon Day'!
Five choices were given, and the correct option of 'a day when annuity and pension changes come in' was rejected by 84% of people. The other choices were 'Armistice Day' which earned 46% of the vote and 'A-Level results day', which received 19%.
The survey also revealed that just one in four savers over 50 have already reviewed, or intend to review their pensions, and only 19% of women intend to review, compared to 25% of men.
Our view
For record, 'A' day is the appointed day for new Pension Simplification Laws - these are new laws that affect everbody and start on 6th April 2004.
We recommend that every person in the UK that has a pension, reviews it before April 2005.
Visit our Pension Simpolification Centre in the Pensions Adviser.com.
Search our news archive for Pension Simplification.
Contact us about our FREE consultation service.