A Day

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A Day

The day (April 6, 2006) on which HM Revenue & Customs changed the tax-free limitations on pension savings.
References in periodicals archive ?
Among many improvements to current law contained in pension simplification is that it offers employers that sponsor 401 (k) plans an alternative to conducting costly non-discrimination tests.
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Three years ago the pensions industry was eagerly awaiting the implementation of the pension simplification legislation to be effective from April 6, 2006, labelled "A-Day".
And certain elements of pension simplification which come into force on April 6 next year ( A-Day ( will create even more generous tax breaks for some savers.
Because of Pension Simplification due to start on April 6 (A Day) there are additional important considerations.
FOCAL Teams and GFOA members were especially active as well in writing Congress about the need for flow control legislation and public pension simplification.
Mr Williams said he believes the aim of pension simplification, which was meant to come to fruition in 2006 with "A-day", was a good, although rather ambitious plan.
Answer: If you elect to defer taking your pension until after April 6, 2006, when the new pension simplification rules come in, you will automatically be entitled to 25% of your fund as tax-free cash so, in your case, this would increase to about pounds 55,000.
Tom Anderson, executive director of the School Employees Retirement System of the State of Ohio, testified on behalf of GFOA and 11 other groups on pension simplification legislation (H.
Pension simplification comes fully into force from April 6, 2006 and there are changes that will affect you.
L&G, which is expanding its Birmingham-based general insurance business, said Government initiatives on pension simplification were expected to lift demand in 2006, but added that saving levels for retirement were still likely to remain 'insufficient'.
In the Budget report it announced it would consult on three separate areas of pension simplification - the regulatory regimes for private pensions, the taxation of occupational pensions, and the operation of the market for long-term savings including personal pensions.