Consumers still need to be educated about the benefits of the pension reforms due in April 2015, the head of TD Direct Investing Europe has warned.
John Tracy said that while the new pension rules were “a great step towards empowering British people to make their own investment decisions”, research showed that more needed to be done to educate the public on getting the most from their savings.
The research commissioned by his company among 1,000 people aged between 25 and 75 revealed that 51 per cent were confused by the new rules, and only 29 per cent thought the reforms would benefit them financially.
Bubbles:
70% were unaware that free advice for pensioners is available
64% believe that they can make more money if they reinvest smartly
34% feel confident about reinvesting
Source: TD Direct
Adviser view
Jason Witcombe, director of London-based Evolve Financial Planning, said: “I would have thought pretty much everyone would be better off from the pension changes.
“There is definitely a lack of understanding among the public.”
