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01/11/12
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Money advice in increasing demand, says study
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News
24/04/2012 17:14:26
A-Day pensioners in for a pay day
Members of occupational pension schemes could be in line for a tax-free cash bonus when they retire.
Investment firm Skandia has found that, following a change in the formula used for calculating tax-free cash, pre-April 6th 2006 (A-Day) members of occupational pension schemes could find themselves with an extra six per cent to play with.
Adrian Walker, Skandia's pension specialist, urged investors to establish what their tax-free cash entitlement was at A-Day.
He also advised that members need to be careful if they make any changes to their pensions to avoid losing their bonuses.
"If they look to transfer their occupational pension scheme they need to speak to their financial adviser to ensure they protect this valuable benefit," he said.
Recent research revealed that 57 per cent of people planning to retire in 2012 will make saving a top priority.
Vince Smith-Hughes, retirement income expert at Prudential, which conducted the study, said saving is something that cannot simply stop at the point of retirement due to increased life expectancies.
