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Pensions Update

 
Continuing our regular feature the Pensions team at Norton Rose bring us up-to-date with the pensions news and provides a legislative update
Inland Revenue simplification — further consultation document
 
On 10 December 2003 the Government published its second set of proposals relating to simplification of the tax regime for pensions. The main features are set out below.
£1.4 million lifetime allowance
 
The Government has commissioned the National Audit Office (NAO) to consider the accuracy of its estimate of how many people will be affected if a lifetime limit of £1.4 million is introduced in effect abolishing the current cap on pensionable earnings of...
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