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NAO report allows Revenue pensions simplification

The National Audit Office&#39s report backs up the Treasury&#39s views and paves the way for the Inland Revenue to implement pensions simplification, HR consultants Hewitt Bacon & Woodrow assert.

Speaking on the NAO&#39s research into the impact of the £1.4m lifetime pensions cap Hewitt Bacon & Woodrow pensions consultant Andy Cox says the NAO has generally supported the Government&#39s figures on how many people will be affected by the cap and this means no change to proposed policy needs to be made to its simplification plans.

He says: “Overall we welcome the Government&#39s thrust towards greater simplification for the vast majority of people. This will help to encourage increased saving for retirement by employers and individuals by sweeping away massive chunks of complex tax rules.”

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