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Clerical urges A-Day review by trustees

Clerical Medical is urging trustees of occupational pension schemes to review their scheme arrangements with their advisers in light of A-Day.

The firm is writing to trustees over the next few weeks out- lining the changes affecting them and scheme members.

Trustees will also get a copy of Clerical’s pension news- letter available for use by sch-eme members.

Features include the new maximum tax-free cash all-owance, how members no longer need to stop working to draw benefits and the end of mandatory contributions.

The executive summary highlights the new respon- sibilities as a trustee of an occupational scheme, which include new rules regarding member-nominated trustees, and the potential benefits of A-Day for scheme members, including new rules for early leavers and changes to occupational schemes.

Senior marketing executive (employee benefits) Steve King says: “There are significant changes ahead for scheme members and trustees need to be fully aware of the implications of A-Day both for themselves and their members.”

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