"A" Day

adminannie

Hi Does anyone know the date of the so called "A" day, as I am expecting some changes to my pension options thanks Annie

dunstonh

6th April 2006

adminannie

Hi Dunstonh, I am sorry, I havent explained myself. I know that they come into force that day, but my pension company (Kingfisher) will not tell me whether the new options are going to be taken up by them. My problem is that I want to claim my pension and carry on working which is not allowed at the minute by the Inland Revenue. Kingfisher are telling me that I will find out on "A" day which from what I understand is sometime in Oct. Perhaps this is a day which they are choosing and not related to the official "A" day. Annie

EdInvestor

Hello adminannie

Your company is waiting for the Revenue to publish new detailed regulations relating to the A day measures. Until this happens they can't decide how they will apply the new regulations because they don't know what they are.

Your company's pension scheme will have discretion as to whether it allows all the new rules to be applied, and when they will do this. So you'll just have to wait until they decide what they are going to do.

Very frustrating, I'm sure.

dunstonh

Following on from Ed, the problem is that much of the detail behind the workings of the changes from A day is still not known. Every week something seems to change and pension providers are beginning to get concerned that they will have little time to implement the changes.

Kingfisher are telling me that I will find out on "A" day which from what I understand is sometime in Oct

A day is certainly 6th April. Perhaps the October dates are some Kingfisher internal dates after which the trustees would have made decisions on how its going to impact on the scheme. There may be some pre A day allowances brought in. i.e. for those retiring between now and April 6th but want to carry on working.

I believe that hitting scheme retirement age and being able to continue working and take pension is not something that they can opt in or out of. So as long as you hit scheme retirement age after 6th April, you shouldnt have a problem.

adminannie

Hi Thanks for all the info on A Day Annie

adminannie

Hi I hit retirement age last Sept and have not been able to claim my pension as the Inland revenue have this rule where if I dont leave I cant claim my pension.I have been told that changes are in line for 2006 but as yet I cannot find anything about the new options. I am hoping to be able to cut my hours and receive my pension, Annie

Debt_Free_Chick

adminannie wrote:

Hi I hit retirement age last Sept and have not been able to claim my pension as the Inland revenue have this rule where if I dont leave I cant claim my pension.I have been told that changes are in line for 2006 but as yet I cannot find anything about the new options. I am hoping to be able to cut my hours and receive my pension, Annie

After April 2006 the Inland Revenue rules will not prohibit you from taking your pension, whilst you still work (for the company to which the pension relates). However, you need to contact your company pension scheme managers/administrators to get details of if and how they intend to implement this new rule. They may not have formed a policy for this as, as has been mentioned, more detailed guidance on the Inland Revenue's new rules has not yet been published.

But contact your company pension scheme managers and see what they say.

HTH

adminannie

Hi I have contacted Kingfisher, and they said they would let me know on "A" day in Oct, but apparently that is not the official "A" day. I am not able to find any info on what changes may be made as Kingfisher will not discuss this with me Annie

dunstonh

perhaps they mean they will let you know on a day in October rather than "A" day in October, which is clearly inaccurate.

Pal

The regulations are not due out until January apparently, so chances are that they haven't even decided what they are going to do yet.