Pension scheme tax reforms welcomed

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Pension scheme tax reforms welcomed

The Inland Revenue's proposed reforms of the tax regime governing company pension schemes have won the approval of industry executives.

An online survey by HR consultancy Hewitt Bacon & Woodrow of over 100 professionals found that 78 per cent supported the proposals.

The changes aim to increase the flexibility and choice of schemes, with around three-quarters of respondents suggesting they will lead to the long-term simplification of the regime.

However, those polled also recognised the inherent difficulties the changeover in 2005 will cause.

“We may face a painful transition to implement the necessary changes - but it will be worth it in the long term,” Andy Cox, pension consultant at Hewitt Bacon & Woodrow, told Personnel Today.

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