The Government has put back the implementation of its pensions Green Paper proposals one year until ...
The Government has put back the implementation of its pensions Green Paper proposals one year until April 2005.
In the consultation period that followed the release of the Government's plans last December, the industry protested it would not be able to make the necessary changes by April 2004.
Although the new taxation regime for pensions will be legislated next year, pensions providers and advisers will have an extra year to digest the changes. Further consultation is to be carried out in the autumn.
The proposals include the abolition of the existing tax regime governing pensions and its replacement with a single unified system, a single lifetime limit and more flexible retirement and annuities rules.
Steve Bee, head of pensions strategy at Scottish Life, said the additional year's notice will make a big difference in enabling providers to familiarise themselves with the new regime and advise clients accordingly before implementation.
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