Legislation changes and stakeholder will ensure no rest for the pension industry. The first few months will see providers stepping up marketing campaigns before the April 6 launch of stakeholder and gearing up admin for the onslaught of applications.
Although many employers have already started planning their stakeholder strategy, the majority of employers will leave it to the last minute, meaning that providers will be swamped coming up to the employer deadline for implementing stakeholder on October 8.
April 6 will also see the tax regime for personal pensions brought into line with stakeholder and a new regime for the waiver of premium benefits under personal pensions.
Scottish Equitable pensions development manager Steven Cameron says this also marks the date for the new transfer legislation to be implemented.
He says: “It is important that IFAs keep an eye out for further changes as it might be in the client's interest to do transfers before April.”