The Minister for Pensions Reform, Mike O'Brien, has written to the House of Commons delaying the change in the regulation of pension transfer values to October 1 2008.
The move comes after the Minister received requests from the industry for more time to prepare for changes, which will define the minimum level for cash equivalent transfer values. Regulation was originally planned for April 2008. O’Brien says: “The Government has considered the arguments carefully and has decided to delay bringing the new regulations into force until 1 October 2008. The existing arrangements for the calculation of pensions transfer values will therefore remain in force until that time.” Mike Jones, director of pension education website MyCompanyPension.co.uk, says: “For...
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