More seeking pensions advice, says IFA Promotion

Wed, 15 Mar 2006

The demand for independent financial advice about pensions provision has doubled between the first month of 2005 and January 2006, new data shows.

IFA Promotion, the organisation promoting the benefits of independent financial advice, says that increasing awareness of A-Day – the day when changes to the UK pension system come into effect – has led to this rise in enquiries.

The organisation received 21,580 enquiries for advice on planning for retirement pension in January via its website and phone lines.

In the first month of last year, this figure was 11,170.

David Elms, chief executive of IFA Promotion, says A-Day awareness has seen a "huge rise" since last summer.

He says IFA Promotion has seen this "driving demand" for independent financial advice about individual planning for retirement pension through its online and offline searches.

"However, people need to take action as quickly as possible as millions of retirement savers could end up worse off by not reviewing their pension arrangements to take account of these reforms," Mr Elms says.

He adds that with less than a month to go until A-Day (April 6th), "the time to act is now".

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