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CD-Roms aim to simplify simplification

Abbey for Intermediaries and Legal& General have produced CD-Rom packages to help IFAs with pension simplification.

Most major pension providers have also set up dedicated websites or information centres on their existing extranets to assist IFAs.

The Abbey CD-Rom includes calculation tools to help advisers show their clients the impact of A-Day and ensure they maximise their tax-free cash opportunities. The effect of divorce on couples’ pension pots can also be factored in.

Head of pensions Mike Brown says the CD-Rom enables IFAs to input their own asset growth and inflation assumptions to calculate whether clients are likely to meet their retirement goals or go over the lifetime limit. The CD-Rom is accompanied by a booklet that can be used as a reminder of the details of pension simplification.

L&G has also produced a CD-Rom but in a very different format, with pensions strategy director Adrian Boulding presenting a three-minute video on the potential sales opportunities presented by A-Day. Further CD-Roms will be launched in a similar format in the New Year.

Boulding says: “The first looks at how financial advisers can help clients with section 32 pension plans, occupational money-purchase plans or defined-benefit pension schemes to retain their higher tax-free cash entitlement while gaining the benefits of transferring to a plan with lower charges. But they need to take action before April 2006.”


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