13 June 2005
The extensive communication power of the Internet is to be used to simplify the complicated pension system for hundreds of thousands of people in the UK.
The initiative is being launched by the Bank of Scotland Investment Service (BOSIS), who has designed a website that provides detailed but easy to understand information on the new pensions simplification legislation which comes into force on April 6th next year.
Alan Jones, head of Bank of Scotland Investment Service, explained that a large number of people are still unaware of the impact the new legislation could have on their pensions but the Internet could be the key to communicating these changes to the broadest number of people.
"This website will prove to be a useful resource for such people - presenting the key facts around A-Day in a clear and concise way," said Mr Jones.
"It's essential that everyone who is paying into a pension fund is aware of the changes taking place next year and understands how they will be personally affected by A-Day. Anyone who is concerned should take professional advice now as steps can be taken to protect their current pension rights if necessary."
This use of the Internet by BOSIS, part of the HBOS Group, is emblematic of the increasing attention firms are placing on the web to explain various complicated financial matters to the nation's public.© DeHavilland Information Services plc
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