Happy anniversary

The original aims of pension simplification were, well, simple. By simplifying the complex tax legislation governing different types of pension scheme, it was hoped to make pensions easier to operate and understand, boosting retirement saving. A surprisingly radical set of proposals to do this was drafted by a team at HM Revenue & Customs (HMRC) in 2003. In essence, the rules for at least eight pension scheme regimes would be condensed into one. A new annual contribution limit and a lifetime allowance were created, set at £215,000 and £1.5m respectively for the first tax year. But as A-...