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NU says NAO conclusions are no surprise

Providers say they are not surprised by the outcome of the National Audit Office&#39s review of the Government&#39s £1.4m lifetime contribution limit cap published today.

Norwich Union says it expected the NAO to largely agree with the Revenue&#39s estimates of who would be affected immediately and in the future by the implementation of pensions simplification including the lifetime cap.

NU Life strategic development director Stephen Mann says: “We&#39re not at all surprised that this is the outcome. If Gordon Brown wanted to stake his reputation on something it wouldn&#39t be this.

“The issue of who is going to be affected in the future was always going to be more speculative, all the NAO has said is there isn&#39t enough evidence to prove that the Revenue is wrong.”

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&#39FSA has tightened up&#39

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