Are there benefits from Pensions Simplification? – a look at the new arrangements

Posted on July 1st, by editor in Caring Times. No Comments

The March 2004 budget confirmed that proposals for pensions simplification would go ahead. From 6 April 2006, (known as A-Day), there will be one set of tax rules for all types of pension, which, for most people, should make pensions a great deal simpler to understand. However, the new regime may have significant implications for care home owners nearing retirement. The principal differences are covered below, and paradoxically, in some cases, will be more restrictive. Therefore, as with all major changes in legislation, there are a number of key planning areas that you may need to address prior to April, in order to gain maximum benefit from the current rules before they change. The time window for doing so is short, as the pressure on pension providers to produce the information that we will need as planning advisers will become more and more severe as the deadline approaches. Swift consideration may apply particularly if you who have already built up significant benefits in previous occupational or persona

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