The present system includes eight different tax schemes and, although complicated, cutting them down into one will not come without its problems.
This could include some people losing their rights to higher lump sums, or different benefit levels.
Despite the measures the paper is set to create a huge amount of disappointment in the industry. Many workers are being moved from final salary schemes into money purchase products, where the employers will ultimately contribute less.
Mark McMullen joins the private client services team from Smith & Williamson
Merger between Clear & Lane Chartered Accountants and Magma Chartered Accountants was finalised on 3 February
BDO has taken its new partner intake to 23 during the first half of its financial year, including the appointment of five partners in five weeks
The firm reports 7.6% global fee income growth for the year ending 31 December 2016