A Day is jargon for 6th April 2006 when the last 30+ years of UK Pensions Regulations were swept away and replaced with one ‘simplified’ set of rules.
All the new regulations can be found here. These 3,000 or so web pages represent an enormous improvement over the previous regime and with perseverance you might be able to work out how they apply to you.
After spending 30 years in pensions it was quite a shock to see the world turned upside down but now it’s introduced an amusing new pastime of mistake spotting. The reason you won’t find a great deal of interpretation and guidance on the new rules is that it is too easy to publish something you thought was correct only to discover someone else is publishing the completely opposite opinion.
If you ask me a question I can’t guarantee to have the answer at my fingertips, after all it takes time to rework the last 30 years of changes, but it is a refreshing challenge.
Did Simplification work?
We will know in 30 years time.