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Just 10 weeks to go but Revenue still won’t give details

Mayday over A-Day as the Treasury admits ‘there is no timetable available’

The life and pension industry is calling on the Revenue and other Government departments to allay fears of delays to pension simplification by issuing an A-Day timetable.

Winterthur Life says it is essential that the Revenue issues an agenda of its plans for the remaining three months as persistent rumours that there may be delays to some elements of the new pensions regime continue to circulate.

Pensions strategy manager Mike Morrison says there may be a delay to the implementation of protected rights in Sipps following the Department for Work and Pensions’ announcement last month.

Morrison says: “Any organisation must have some sort of prioritisation. We have only 10 weeks until April 6 and it would be useful if we could have some guidance as to what we can expect in the coming months rather than being told just to watch this space.”

Details from the Revenue on how inheritance tax will apply to pensions are already two months late, with no communication yet about when the industry will receive guidance.

Standard Life head of pensions policy John Lawson says the failure of HMRC to define “wholly and exclusively” for employee contributions, key terminology relating to how work-based pensions will run after A-Day, suggests that guidance is only available inter- nally. He says: “It seems that the Revenue is providing guidance on an ad hoc basis. It needs to be pushed on this.”

A Treasury spokesman says: “We seek to guide the market as consistently as possible as we understand that the industry relies on us so they can release products but, as I understand it, there is no timetable available.”

The DWP and HMRC were unable to comment.


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