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Turner report changes are set for 2010

The Government says 2010 will see the next major change to the pension landscape after A-Day with the implementation of the findings of the Turner Report.

In a newspaper interview last week, pensions minister Stephen Timms said a consultation document on proposed reforms will be published next spring, just months after the publication of the Turner Report in November.

Initial legislation is then expected by the end of the year with the subject to be inclu- ded in the 2006 Queen’s Speech. A draft bill could then be in place by 2007, for royal assent in 2010, the target Timms has set for bringing in the changes. He said: “2010 is when the state pension age starts to rise for women and I hope changes are in place by then.”

Cicero Consulting director Iain Anderson says he expects the changes to be on the same scale as those brought in by A-day. He says in the run-up to next April, advisers should keep in mind the fact that a further set of changes is due just four years later, especially those advisers dealing with workplace advice.

Scottish Life head of pensions strategy Steve Bee says Timms’ comments indicate at least a further five years of pension turmoil. He says: “Given that we are just about to come to the end of a prolonged per- iod of uncertainty and change for pensions in the UK, with retrospective changes to the tax legislation on pensions coming into force next year, I wonder if it would be good time for us to have a bit of a breather?”

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