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Pension Bill lacks depth due to Brown limit probe

The Pensions Bill is lacking in detail because all references to the parallel Inland Revenue pensions simplification review have been removed since the Chancellor put the project on hold, Money Marketing has been told.

Chancellor Gordon Brown&#39s decision to ask the National Audit Office to assess the effect of the proposed £1.4m lifetime limit for individual pension funds means that the Department for Work and Pensions has been unable to include references to the Revenue&#39s project in its bill, according to industry sources.

The NAO is due to give the Treasury its verdict before the Budget on March 17 and the bill is expected to include substantially more detail when it gets its second reading later in March.

Clerical Medical pensions strategy manager Nigel Stammers says: “Because we do not yet know whether the Inland Revenue review is going ahead, it seems the consequence is that the Pensions Bill lacks detail. Detail is likely to be added when the bill gets its second reading next month.”

Scottish Equitable pensions development director Stewart Ritchie says: “If this is the case, then it is just one more unfortunate consequence of the Chancellor&#39s delay in finalising the Inland Revenue consultation.”

A DWP spokesman says: “The department would dispute the claim that the Pensions Bill appears to show a complete lack of cross-departmental co-operation. The bill is one part of Government proposals to simplify taxation around pensions as well as enabling people to work longer if they wish and give them a better choice on how and when they retire.

“The Pensions Bill is part of this commitment with further work and detail which is set to be announced in the HM Treasury and Inland Revenue&#39s Finance Bill. We are also working closely with the Department of Trade and Industry on extending working life.”


Ruffer Investment Management – CF Ruffer Pacific Fund

Type: Oeic Aim: Growth by investing in equities and bonds in the Asia Pacific region Minimum investment: Lump sum £1,000 Investment split: 34% cash, 16% basic materials, 12% non-cyclical consumer goods, 11% financial,9% cyclical consumer goods, 5% communications, 4% industrial, 3% utilities, 2% energy, 2% government, 2% other Isa link: Yes Pep transfers: Yes Charges: […]

Noble branches into property

Noble Fund Managers is starting a property investment arm that will offer a range of products to high-net-worth investors. Leading the team will be Steve Taylor and David Cunnington, who have moved to Noble from Close Brothers where they managed the syndicated and commercial property portfolios. The group will offer funds to retail and institutional […]

Suits you, settlor

This week, I will continue my deliberations on the proposals for the reform of the taxation of trusts. During Technical Connection&#39s many years in business, we have made trusts something of a speciality. If we were to open a retail store, the name Trusts-R-Us springs to mind, subject to ensuring that we were not exposed […]

NU&#39s guarantee is not unfair

Regarding the letter headlined, Norwich Union&#39s with-profits guarantee is unfair to other investors (Money Marketing, February 19), it is not true to say that “any guarantee taken by an investor would be to the detriment of those investors remaining in the with-profits fund”. The cost of the guarantee will be met out of the free […]


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