Simplified "Sandler" products will be introduced from April 6, 2005, even though products have yet to be formally unveiled, says the Treasury's 2004 financial statement and budget report.
A short paragraph within the Financial Statement and Budget Report reveals not only will A-Day – when pensions simplification is introduced - now be postponed until April 2006, but the medium-term range of simplified products, proposed by Ron Sandler, will now be active from next year.
These products will be treated as part of the stocks and shares component of Individual Savings Accounts (Isas), at the very moment the maximum amount invested is reduced in 2005 from £7,000 to £5,000.
Design of Sandler suite products have not been officially unveiled, however, IFAonline's sister publication, Investment Week, recently discovered details of the Sandler products were included in the rules for Child Trust Funds.
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