John Moret Executive Chairman PPML sets out his thoughts on the original pensions tax simplification proposals and the likely impact on the SIPP marketplace
At the time of writing we are awaiting the Government's final proposals on simplifying the taxation of pensions. The earlier consultation document published in December 2001 was well-received. Importantly unlike previous changes to the taxation of pensions the proposals propose a clean break. If implemented all pension saving would follow a single set of rules which will apply to all types of pension scheme and there would be a single set of 'simple rules' applicable to the conversion of the accumulated savings into benefits.
Pension rights built up before implementation of the proposals on 6 April 2005 (A-day) will be respected. However ...
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John Moret Executive Chairman PPML sets out his thoughts on the original pensions tax simplification proposals and the likely impact on the SIPP marketplace
At the time of writing we are awaiting the Government's final proposals on simplifying the taxation of pensions. The earlier consultation document published in December 2001 was well-received. Importantly unlike previous changes to the taxation of pensions the proposals propose a clean break. If implemented all pension saving would follow a single set of rules which will apply to all types of pension scheme and there would be a single set of 'simple rules' applicable to the conversion of the accumulated savings into benefits.
Pension rights built up before implementation of the proposals on 6 April 2005 (A-day) will be respected. However ...
If you or your firm subscribes to Taxjournal.com, please click the login box below:
If you do not subscribe but are a registered user, please enter your details in the following boxes:
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