The Government has dropped plans to issue a blanket ban prohibiting all self-invested pension plans (SIPPs) from holding protected rights.
In its response to the consultation document, Pensions: Contracted-out Benefits and Miscellaneous Amendments, the Department for Work and Pensions (DWP), says that after taking into account the comments from the 18 respondents, “the Government has decided not to proceed with the proposed blanket prohibition preventing all SIPPs schemes from holding protected rights”. Instead from April 2006, this aspect of the legislation will just be updated to take into account the changes in tax legislation. This means that for the time being the only contracted-out personal pension scheme which can of...
To continue reading this article...
Join Professional Adviser for free
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes