Several modifications to the pensions tax regime are in the pipeline:

The Pension Schemes (Transfers, Reorganisations and Winding Up) (Transitional Provisions) (Amendment) Order 2010

Finally, HMRC has issued a re-draft of this Order (after three trips to their solicitors for revision). It was first published for consultation in September 2007 (see Aries report). The latest draft is not on the HMRC website; instead it was circulated to organisations including Aries which commented on the initial draft. It covers an easement originally announced on 12 December 2006, allowing assignments on wind-up to be treated as block transfers.

The draft Order amends The Pension Schemes (Transfer, Re-organisation and Winding Up) (Transitional Provisions) Order 2006 (SI 2006/573), which preserves the protection of certain pre A-Day rights following certain transfers or reorganisations and the winding up of schemes. HMRC has made a few changes and included an extra Article relating to stand-alone lump sums. Aries has requested some clarifications in relation to the scope of the Order, in particular concerning one-person money purchase arrangements for which there is no formal winding-up process when the benefits are assigned to the member on leaving service or retirement.