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Finance Bill creates six pension regimes

The Government&#39s tax simplification project has created six different regimes rather than one says PricewaterhouseCoopers.

Commenting on the publication of the Finance Bill last Thursday, PricewaterhouseCoopers says that rather than one regime, the rules create six – registered schemes, employer-financed retirement benefit schemes, overseas recognised schemes, overseas unrecognised schemes, Section 615 schemes and corresponding accepting schemes.

PricewaterhouseCoopers UK chief actuary Trevor Llanwarne says: “The fact that we are back up to six regimes and that over a quarter of the Bill&#39s 550 pages are devoted to pensions issues illustrates how complex it is to actually deliver simplification.”

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