Many UK firms have yet to complete their preparations and put in place the measures necessary under new pension rules to be introduced on 6 April, accountants have warned.
Despite the so-called A-day regulations being the biggest shake-up to pensions for 25 years, Ernst & Young (E&Y) said firms have still to consider the number of complex changes to their pension arrangements and the knock on impact to administration systems.
"Whilst the new regulations represent a genuine and welcome simplification for many; for senior executives the decisions are difficult and complex," said David Fairs, partner in KPMG's pensions practice.
Particular issues firms will have to address include dealing with the impact of the Lifetime Allowance and Annual Allowance. Under these rules, new forms of remuneration...