Brits ignorant to A-Day implications

Britons are still in the dark about A-Day, a new study has revealed.

The Norwich and Peterborough building society (N&P) found that while 93 per cent of customers polled supported the changes due for A-Day the majority were unsure as to the details and implications.

Furthermore while three quarters did not know what A-Day was, more than half could confidently assert that it would not affect their scheme.

Judith Dove, head of N&P's financial advice service said: "I would urge everyone to have a review of their pension arrangements as soon as possible to ensure there’s enough time for any necessary changes to be made and also to ensure any advantages the new rules may offer aren't missed."

A-Day, which occurs on April 5th, will result in the simplification of pension legislation. It will see the eight sets of legislation currently in force combined into one set of rules.

The N & P survey also revealed the gender differences with regard to people's optimism about retirement. Men were more confident in their ability to manage financially than women, with 76 per cent thinking they would cope financially after retirement, compared to 71 per cent of women.