Steve Bee, head of pensions strategy at Scottish Life, says in a new note that rules taking effect on 6 April 2006 could affect some 10 million company pension scheme members to seek advice because of "concurrency".
So-called "full concurrency being introduced as part of new tax law implementing the change to the UK's pension system will see company pension scheme members able to take out private pensions at the same time. Actually, Bee says, under full concurrency law people will be to take out as many different types of pensions at one time as they see fit. This goes against current rules, which outlaw maintaining a personal pension and a company pension simultaneously. Bee says those currently in company pension schemes may see futures muddied as employers begin to tighten their belts on pe...
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