UK - Pension tax simplification changes will take the industry up to three years to fully adopt, consultants warn.
Speaking ahead of yesterday’s [Wednesday] Budget, consultants said they were overwhelmingly expecting Chancellor Gordon Brown to wave through the government’s ambitious tax simplification proposals.
But the time left to adopt the new rules remains a big hurdle.
Aon Consulting principal Paul McGlone said: “Timing is a real concern because there are just so many changes being brought in and we don’t have all the detail.”
Mercer Human Resource Consulting worldwide partner Peter Thompson agreed. He said: “The pension arrangements of every employee in the country will need to be looked at, which does not leave a lot of time.”
The proposed cold-calling ban may be ineffective if a collaborative regulatory approach between the UK and the European Union (EU) is not maintained post-Brexit, the Pensions Management Institute (PMI) has warned.
Some 56% of defined contribution (DC) asset managers do not believe they will have transaction cost information in time for pension funds' March year-end statements, according to Lane Clark & Peacock (LCP) research.
NEST has appointed Clive Elphick, Martin Turner, Mutaz Qubbaj and Chris Hitchen as trustee members of its reshaped board.
Most people want to avoid investing in projects that contribute to climate change, and would consider moving to another less-exposed provider, according to a survey commissioned by ClientEarth.