Another year of change for the pensions industry

2002 looks like being another year for significant industry revision, with both the Inland Revenue and Department for Work and Pensions ready to dip their oar into the murky waters of pensions provision

If you thought 2001 was a busy year for pension revision, 2002 promises to put it in the shade. Expect specific developments in pension credit, the start of state second pension (S2P), the outcomes of pension simplification reviews from both the Inland Revenue and the Department for Work and Pensions (DWP), and the unveiling of the basis for statutory illustrations of money purchase. There may also be developments in the compulsion debate, the requirement to buy annuities and pension provision for partners without marriage certificates. With pension credit, the Government is commi...