Almost one third of people due to retire this year have not heard of the pension changes which are due to come into force on 6 April, research from retirement specialist Prudential reveals this morning.
According to the company, the retirees who are aware that a broader range of retirement income options will be available to them are already taking action.
Of those with pension schemes, 33 per cent have already changed or will change their plans for taking retirement income, while one in 12 are still making up their minds whether to change their plans or not. Just two per cent are considering the “Lamborghini option” of blowing their whole pension pot on purchases.
Vince Smith-Hughes, retirement expert at Prudential, said: “Retirement can easily last 20 years or longer, so it’s important to make retirement income decisions that address the risk of outliving your savings.”