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Concern over tax consultation deadline

Pension experts warn that a full response to the Inland Revenue&#39s tax simplification process will be difficult because the Pensions Bill is unlikely to be published until mid-February.

With the consultation closing on March 5, respondents are complaining that they will have only days to interpret the effect of the new Department of Work and Pension rules.

Pension professionals say a single DWP project leader should replicate the role of Revenue simplification head Peter Hopkins, who they praise for his interaction with the industry.

PPML managing director John Moret says: “If we do not know the meaning of the fundamentals, it makes comment on the Revenue&#39s proposals very difficult. The Revenue has been very open in this and it seems strange we have not got similar openness from the DWP.”

Syndaxi Financial Planning director Robert Reid says: “You need a project manager to handle the whole review. The DWP has always been the biggest opponent of flexibility after age 75 so you wonder what rules they will put out to get back their pound of flesh.”

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