As new rules aimed at encouraging more people to save for their retirement come into force today, research has claimed only the well-off will actually benefit.
Dubbed A-day, the changes mark the biggest shake-up to pensions rules for 50 years.
The eight tax regimes which previously governed pensions have been scrapped in favour of just one, with the complex limits on how much people can save each year also abolished.
The pensions industry claims the rules will persuade more people currently with limited savings to put more money aside for their old age but a report by Datamonitor claims the rules will actually widen the gap between rich and poor pensioners.
It said that wealthy customers are best positioned to take advantage of the liberated market that these changes create because they are mo...