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Government publishes final piece in stakeholder jigsaw

The Government put in to place the final pieces of its stakeholder jigsaw yesterday with the publication of its fifth pensions consultation paper.


The paper outlines the new rules which will permit parallel holding of personal pensions, money purchase occupational schemes as well as stakeholder pensions.


The plans will allow individuals to save up to £3,600 a year into a defined contribution scheme, regardless of how much they earn.


It will also allow those not in work, such as carers or those people taking a career break to continue to save for their retirement regardless of earnings.


But the new rules will see the abolition of carry forward/carry forward rules under personal pensions.


Friends Provident director of professional services Mike Hampton says: &#34The paper is to be welcomed as it demonstrates the Government has listened to what the industry wanted.


&#34The removal of the earnings link is good and a big benefit for the self employed as it means low earners still get full basic rate tax relief.&#34

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