UK Money News
3rd July 2008
Tax changes leave over-50s confused over retirement
Millions of Britons approaching retirement age have failed to enlist professional financial advice despite admitting widespread confusion over changing tax regulations.
In a poll conducted by Liverpool Victoria, 70 per cent of 1,600 over-50s polled said that they are confused over the complexity of current tax legislation and rules.
However, despite the fears 44 per cent of the sample admitted that they have failed to consult a finance professional to help them.
Rodney Cook, life & pensions managing director at the building society, said: "With an 'anxious majority' of seven million pre-retirement people admitting they are confused by the legislation surrounding pensions and retirement planning, it is clearly vital that people take advantage of professional advice to maximise their retirement wealth, to help ensure their comfort in old age."
Of those who had taken financial advice, the majority had approached an Independent Financial Adviser (IFA).
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