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Almost a third of retirees unaware of pension changes


Almost one in three people planning to retiree this year are still unaware of the upcoming pension changes, according to research from Prudential.
The research looked at people planning to retire in 2015 and assessed how aware they are of the changes. 32% of people are still unaware of any changes taking place and have not amended their retirement plans accordingly.

Of those who are aware of the pension changes, a third have already made changes in relation to their pension income and 8% are still making up their minds, if they should change their plans or not. The remainder of people plan to consult a professional financial adviser about their pension options, to help them better understand the new freedoms available to them. Only 2% of people retiring in 2015 plan to take their pension as a lump sum and spend the lot.

The report also found that many people retiring in 2015 are optimistic about the pension reforms, with 33% of people claiming they feel more positive about retiring now because of the changes due in April.

Vince Smith-Hughes, retirement expert at Prudential, said:

“The financial decisions made at retirement can be some of the biggest decisions that people make in their whole lives. With this in mind it’s welcoming that the members of the ‘Class of 2015’ are not planning to blow their entire pension savings en masse. The upcoming freedoms mark the start of a process not its end and we’d encourage everyone approaching retirement to take the time to get all the help they need rather than rush headlong into immediately cashing in their fund.

“Retirement can easily last 20 years or longer, so it’s important to make retirement income decisions that address the risk of outliving your savings.

“While all retirees should make the most of the free guidance available from the Government’s Pension Wise scheme, a consultation with a professional financial adviser or retirement specialist will also help many people to make the most of the new choices.”

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