Cautious welcome for pre-Budget report

Senior
pensions and HR professionals have welcomed the pre-Budget report.

Of
more than 100 senior pensions and HR professionals from major UK companies
polled at a seminar held by PricewaterhouseCoopers:

–
100 per cent prefer the proposals outlined in the consultation document to the
current system. 

–
100 per cent will wait until Budget Day 2004 and confirmation that the
proposals will proceed, before making changes to current pension arrangements.

–
65 per cent would be willing to pay to provide advice to their senior
executives on their choices under the new tax regime and 35 per cent would
advise them to speak to their own financial advisers.

–
80 per cent would expect a move to total reward arrangements within five years,
while 20 per cent said not.

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Trevor
Llanwarne, partner at PricewaterhouseCoopers said: “While 100 per cent of
attendees welcomed the pensions proposals outlined in the consultation
document… assuming the Government gains the necessary consensus to proceed,
there will be a lot to do in a short space of time.”

By Quentin Reade