Pensions unravelled

The UK Finance Act 2004, which received Royal Assent on 22 July 2004, introduces a new unified, and allegedly simplified, tax regime for UK pension arrangements. The new regime will come into operation on 6 April 2006. Under the new regime, pension schemes will be required to register with the Inland Revenue if they are to obtain tax advantages, though existing tax approved schemes will receive automatic registration. Unregistered schemes may continue to operate, but they and their members will, in general, no longer obtain the limited tax reliefs that they currently receive under the cu...