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Advisors get in tune for pensions change

22 June 2004
Abbey for Intermediaries (AfI) has developed a pension simplification pack for IFAs, designed to ensure clients are well-prepared for forthcoming pensions legislation.

The pack, which will be available from July 2nd, includes a summary of pending pensions simplification legislation as well as two case studies, highlighting two of the issues facing clients post-implementation of the new rules.

Mike Brown, head of pensions and retirement at AfI, said: "According to the National Audit Office, up to 10,000 people could be worse off following pensions simplification - that's twice the number the government originally predicted - and experts predict that in total, up to 600,000 people could suffer over the next 20 years."

He continued: "With the right advice, many people will be able to minimise the impact of the changes on their pension benefits - and protect the amount of tax-free cash that they can draw at retirement.

"But they will need to act quickly."

AfI's simplification pack comes as a part of the firm's ongoing campaign on pending legislation.