Life offices have issued support and analysis packs for IFAs following the Department for Work and Pensions unveiling new workplace advice proposals last week.
Norwich Union and Legal & General have produced an information pack to help IFAs prepare for A-Day on April 6, 2005 – the Inland Revenue's proposed starting date for proposals that will simplify tax regimes for pensions.
NU's information pack, entitled Simplification, sets out for IFAs how their businesses will be affected during the run up to A-Day to help them smooth the transition to the new rules.
L&G head of pensions technical services Colin Batchelor says it is clear that any attempt to simplify pensions will be complex in delivery and the need for advice will be considerable.
He believes that the industry will see a need for increased technical support for IFAs operating in the retirement planning markets.
L&G has produced Pensions Profile as an “in-depth analysis of the Government's proposals” as part of its technical support service for IFAs.
NU head of pension development Iain Oliver says: “In the long run, these developments should make it easier for consumers to understand pensions and encourage people to save for the future. However, the next 15 months will see a period of extensive change in the pension industry and it is our aim to help IFAs prepare for this.”
Batchelor says: “Pensions Profile is our in-depth analysis of the Government's proposals for the future of pension provision in the UK and is available as part of our new technical support service exclusively for IFAs.”