27 March 2006

New research published today by Brewin Dolphin reveals that more than half (58%) of pension holders are unaware they might need to review their retirement provision as a result of pension simplification rules being introduced on 6 April (A-Day). Of those who are aware, a staggering 92% claim the Government has not done enough to ensure A-Day is known and understood by the public. *

Brewin Dolphin's study shows that less than a third (32%) of pension holders who are aware of A-Day had reviewed their pension arrangements by 2nd February. A further 34% have not yet reviewed their pension provision but are intending to do so before 6th April. One in three (34%) of those aware of A-Day have no plans to review their pension arrangements.

Charlotte Black, Marketing Director, Brewin Dolphin Securities commented:

“A-Day is all about pension simplification, yet the Government seems to have increased levels of confusion amongst investors. It is important that anyone with a pension who is unsure what A-Day means for them does not ignore it because it could have a negative impact on their retirement. However, with many of the new rules only being announced in the Budget – two weeks ahead of A Day - investors must be forgiven for being so puzzled.”

It is not too late for pension holders, especially anyone with pension funds of £1.5 million or more, to review their arrangements before 6 th April. Anyone with an old pension fund to which they are no longer making active contributions, or a pension contract they do not understand, should look at their position to ensure they optimise the benefits of these funds prior to A-Day. Brewin Dolphin has 35 offices nationwide and all of these branches have access to qualified pensions advisers.

Only 16% of respondents sought the advice of a professional financial adviser when reviewing their pension arrangements, and 19% of those surveyed who are still planning to look at their pension arrangements before A-Day, are intending to consult a professional financial adviser.

On a regional basis, pension holders living in the Midlands are least aware of A-day with 64% unaware of pension simplification rules being introduced on 6th April. Those living in the South East and East Anglia had the highest awareness of A-day, with almost half (46%) aware of pension they might need to review their pension in light of A-Day.