A summary of the Pensions Act 2004 has been made available for financial advisers in the latest Pension Profile from Legal and General.
Legal and General are issuing the summary in the Pensions Technical area of their website which also includes earlier Pension Profiles along with a Quick Facts guide which is regularly updated.
The 16-page document covers the main provisions of the Act, including the forming of new bodies such as The Pensions Regulator, and the Pension Protection Fund, and it also looks at trustee issues such as Member-Nominated Trustees, and trustee knowledge requirements. Other sections covered include scheme issues, such as the funding and winding up of schemes, and employer issues, which takes into account late payments and financial planning.
In a summary at the end of the document, it points out only the areas of the Act which the company deemed of most interest have been covered and that with more regulations still to be issued, it will be necessary for trustees, pension administrators and advisers to proceed with great care.
Colin Batchelor, head of pensions technical services for Legal and General, says the company remains committed to helping financial advisers by giving them the information and support they need in the run up to A-day, but with the emphasis on simplicity and clarity.
He adds: “Following a multitude of regulations issued by the Department of Work and Pensions and the development of various codes of practice by The Pensions Regulator throughout this year, we thought it would be helpful to issue a summary of the Act as a handy reference point for financial advisers.
If you have any comments you would like to add to this story or would like to speak to its author about a similar subject, telephone Nyree Stewart on 020 7968 4558 or email [email protected].IFAonline
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