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MPs too late to sway Revenue&#39s pension plans FSA adds drawdown to Omo requirement

The Department for Work and Pensions select committee inquiry into the future of pensions is likely be published too late to influence the Inland Revenue&#39s review of pension taxation.

The committee is considering a wide range of issues, including the role of tax incentives in pensions and will look to build political agreement for the need for radical change.

The inquiry, set up two weeks after publication of the Sandler and Pickering reports and headed by Liberal Democrat MP Archy Kirkwood, is calling for submissions to be made by October 4 and exp-ects to publish its findings in December.

Kirkwood has said he wants to create a cross-party consensus that would help the Government to usher in a radical overhaul of pension policy.

But the Revenue says its report, which is expected to propose a far-reaching review of pension taxation and incentives, is on course to be published at the end of October or beginning of November.

That would leave the select committee publishing its findings several weeks after the Revenue and too late to influence it.

The committee is also looking at issues such as compulsion, whether pensions are the best way for all individuals to save for retirement and the roles of the DWP and the private sector.

Labour committee member Andrew Dismore, MP, says: “Ideally, we would like the Revenue&#39s report to inform our review and vice versa. Like any inquiry, there is no good time to do it.”

An Inland Revenue spokeswoman says: “We are ahead of Parliament. We are still on course with the timetable for our review.”

A&B director Gareth Marr says: “After waiting for the Pickering report and with the long-awaited Inland Revenue report still to come, who will want to wait for another review? People will wonder if change is ever going to happen.”

•Revenue review, p16

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