Industry firms are still uncertain how they will proceed with their A-Day plans because the Inland Revenue has yet to issue all the regulations that will govern the new pension simplification regime, new research indicates.
A survey by outsourcing and technology firm Xansa, finds half of 27 UK pension providers (comprising 40% of industry in terms of funds under management) say they are still at the first fence when it comes to preparation for the deadline on 6 April 2006. Additionally, nine in ten providers questioned say the skill gaps in their companies will hinder the implementation of their plans. Providers are concerned they will need more specialists who can interpret 'civil service speak' into the language of computer programming, says Xansa. James Doyle at Xansa says: “Many life insurance compa...
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