While recent Budget coverage has been dominated by the fabulous sleight of hand used by Gordon Brown to give with one hand and take with the other, the effect on pensions were slightly overlooked - mainly because all the measures were expected.
Brown did what everyone expected – he effectively killed pension term assurance (PTA), and did his best to kill off alternatively secured pensions (ASP) by confirming what some have called the “draconian” tax charges outlined in the Pre-Budget Report in December. In addition, he finally made his move on scheme pensions - a legitimate tool which many in the industry have been using as a way for people to pass on their pension funds to beneficiaries and avoid inheritance tax. In a consultation paper released alongside the Budget, HM Revenue & Customs (HMRC) says it has become clear “some ...
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