A third of the UK population don’t know anything about the pension freedoms introduced by the Government in April 2015, according to the fifth UK Readiness Report from Aegon.
The freedoms, introduced by Chancellor George Osborne, have given people with defined contribution pensions new opportunities to access their pension savings and use this money in the way they choose from age 55. However, a significant proportion of the population remain unaware of the changes and even among those that recognise the term ‘pension freedoms’, many are unclear what it means.
A third of the 4,000 people surveyed in the research say they’ve heard about the freedoms, but admit to not understanding what the changes mean for their own retirement savings. This lack of awareness grows among the younger age groups with 40 per cent aged 25 to 34-years-old not having heard of pension freedoms.
Expats
Hong Kong is the world’s most expensive city for expats, leapfrogging Angolan capital Luanda in the annual chart compiled by consultancy firm Mercer.
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