Advisers are being warned to get up to speed with the effects of the pensions simplification proposals, or risk affecting the advice they give their clients now.
Scottish Equitable pensions development director Stewart Ritchie says the three month delay caused by Gordon Brown's referral of aspects of the £1.4 million lifetime allowance to the National Audit Office, must be prevented from causing a planning blight.
He says the delay gives advisers only one tax year to advise their clients and take action on the reforms before A-day and has prepared three “Ritchie Papers” explaining the simplification proposals for advisers.
Ritchie says: “Advisers must not let the action embargo lead to a planning embargo. The urgent advice issues are not just about high earners. Anyone able to take their pension between now and A-day will have to consider whether they would be better to delay until after April 2005.”