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Revenue delay adds to advisers’ A-Day concerns

The Revenue has been accused of doubling advisers’ workloads in the run-up to A-Day after delays to production of key pension forms.

Premier Wealth Management managing director Adr- ian Shandley says he has been discussing enhanced protection applications with his clients who have pension funds above 1.5m because they will need to apply for primary or enhanced protection after A-Day to avoid being hit with a 55 per cent recovery charge.

But the Revenue only has draft forms on its website and Shandley is worried he will have to complete these with clients to ensure they are protected and then fill out the final versions.

Shandley says: “This is causing me double the work. The FSA is pushing us to get our clients registered for enhanced protection but, without the forms, I will have to revisit them all. More worrying is that my clients do not know if they can trust the Chancellor not to do another U-turn on enhanced protection following property in Sipps.”

Revenue spokesman Patrick O’Brien says: “He should relax, he has plenty of time to do this. People with more than 1.5m in their pension funds have three years from April 2006 to register for enhanced protection and in any case the application will need to include the size of their fund at A-Day.”


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