FSA: Be aware of A-Day implications

18 January 2006
Britons are being advised to review their pensions before changes to the industry are implemented in April.

From April 6th, dubbed A-Day, the regulations regarding pensions will be amended and the Financial Services Authority (FSA) wants UK residents to make sure they know the implications of these changes on their lives.

"The A-Day changes mean that people should take stock now to ensure they are on track to get the retirement income they want," said Vernon Everitt, FSA's director of retail themes.

"A-Day will bring more pensions choices and people need to understand the opportunities and risks before making their decisions."

The government watchdog is offering Britons information on the changes online including decisions surrounding the state second pensions and how to review pension arrangements.

Questions that UK residents should ask are where their pension will be coming from, how their fund will be converted into a regular income and how to shop around in order to find the best annuity, according to the FSA.

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