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Bee calls for A-Day to put back another year

Scottish Life head of pensions strategy Steve Bee says A-Day should be postponed for the third time because the industry is not ready

He says the industry’s concern over the complexity of the regulations and continued lack of clarity around many issues justify putting A-Day back a year again. Bee is worried that the Government is still amending aspects of the Pensions Act ahead of A-Day despite having consulted for more than five years. He says there is not enough time for the rules to be digested by the industry.

GE Life product manager Ray Chinn says that besides the difficulties for providers, advisers are facing continued difficulties in planning for their clients’ retirement.

The Inland Revenue is set to launch a consultation into tax-free cash calculations later in the year, with its final report set to be issued around the time of the pre-Budget report in November, leaving little time for retirement planning.

Bee says the whole simp-lification process is more like complication and recent technical guidance from the Revenue has clarified little.

Bee says: “There is a reasonable call for delaying A-Day again. In effect, we are rebuilding every pension scheme in the UK and A-Day was originally going to be in 2004, then 2005 and now 2006. If the idea is to get it right, I would question if we have enough time.”

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