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‘Another waste of time that will be consigned to dustbin of history’

Leading IFA commentators are sceptical about whether the Government will imple-ment any of Turner’s planned sweeping changes to the pension system.

Informed Choice managing director Nick Bamford says the report will be consigned to the dustbin of history, similar to the fate of the Department for Work and Pensions-sponsored 2002 report by Alan Pickering.

Bamford says: “This will become yet another piece of consultation from the Government that will be long forgotten and ultimately a horrible waste of time.”

Hargreaves Lansdown head of pension research Tom McPhail says the current system could be modified to incorporate some of the suggestions and has the IT and admin infrastructure in place to do so.

He says there are far too many hurdles to overcome for the Government and, in particular, Chancellor Gordon Brown to accept the report and the complex admin burden that would be taken on as well as the inherent liability risk in signing people up to a non-advised centrally managed scheme will be a step too far for the Government.

McPhail says: “I would question whether the report would ever get off the ground. I think we can do a lot within the existing structure and I suggest that none of it will happen at all.”

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