UK - Abbey for Intermediaries has produced a pensions simplification pack for IFAs in the lead up to the implementation of the new pensions tax regime in 2006.
The pack contains information on maximising business opportunities including sample approach letters to use with existing and new clients, a guide to the government’s proposed simplification of the pensions tax rules and case studies highlighting two issues.
It also shows how to secure tax-free cash against “A-Day” changes and allowing phased retirement after its implementation.
Abbey for Intermediaries head of pensions and retirement Mike Brown said: “According to the National Audit Office, up to 10,000 people could be worse off following pensions simplification – that’s twice the number the government originally predicted.
“With the right advice, many people will be able to minimise the impact of the changes on their pension benefits and protect the amount of tax-free cash that they can draw on retirement. But they need to act quickly.”A copy of the pack can be ordered on 0845 600 1313.
The People's Pension, Atlas Master Trust and The Cheviot Trust have been granted authorisation from The Pensions Regulator (TPR), taking the total number of authorised master trusts to 18.
Pension schemes have been warned they may now face a more challenging legal test if they wish to fix drafting errors.
The Greene King Pension Scheme has appointed XPS Pensions as its actuarial and investment adviser following a competitive tender process.
Professional Pensions has compiled a list charting the progress of master trust authorisation. View our list in full here...