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.”