Review now to benefit in the future

pensions

Although A-Day will affect people in different ways, even those not greatly affected by the changes should review their situation as they could reap further benefits. Over the next few weeks Colin Batchelor will look at how different types of people will be affected and how they should respond

The simplified pensions regime, which comes into effect on A-Day, April 6 2006, will have different affects on different people. Over the next few weeks Colin Batchelor, head of pensions technical at Legal & General, will consider how different types of people will be affected by A-Day changes. He will look at what options are available in these situations by means of some outline scenarios. The first two of these are set out below. Scenario 1: Tim Tim is 44 and is the director of his company. He is married with two teenage children. He has an executive pension plan (EPP) with a current ...