Pensions Reform – a tale of two Bills


The Finance Bill officially became an Act when it received Royal Asset on 22 July 2004. The Act paves the way for pensions tax simplification from A-Day, 6 April 2006, when the current eight pension tax regimes will be replaced by a single set of allowances governing all registered pension arrangements. Throughout July the Pensions Bill has been hotly debated in the House of Lords, with the so-called moral hazard clauses grabbing many of the headlines. However, Parliament has now commenced its Summer recess, so further deliberation of the Pensions Bill has been adjourned until the Lords reconvene in September.

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