Royal Assent of the Finance Bill last week failed to grab industry attention because many people are still waiting for additional details in the Pensions Bill, say pension experts.
According to Scottish Life Head of group communication Alasdair Buchanan, the Royal Ascent given on 22 July is nothing to get excited over.
Scottish Life head of pensions strategy Steve Bee is only cautiously optimistic.
He says the Act "should put an end to all the speculation of what’s what as far as the detailed implications of the changes will or won’t mean.
"I say ‘should’ there because I’m well aware that when we finally get our grubby hands on a copy of the Finance Act, it will almost certainly be as difficult to read as the Finance Bill was."
Experts' first ‘job’ will therefore be to translate the Act into plain English, he says.
Other product providers suggest further details are to be unveiled in the near future. A spokeswoman for Scottish Equitable believes a full set of draft regulations based on the Finance Act should be available by close of play today.
"We think there will be a three-month consultation on these and it should give us more detail on how the Finance Act will work in practice,” she adds.
Still, without the Pensions Act in place there are many gaps remaining which must be filled when trying to interpret government policy.
Bee says the Pensions Bill is unlikely to become an act until the Autumn, and may not be published until as late as 21st December as the 'season' officially stretches to 22nd December.
"The bottom line is the Pensions Act will come out some time before Christmas, but lots of the detail will be filled in later on during 2005. Not only that, but the provisions of the Act will be implemented in two stages, the first in April 2005 and the second in April 2006.”IFAonline
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