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It has been claimed that A-Day is set to be the biggest shake-up that pensions in the UK have experienced in over 60 years but it has also left many

According to USFDA, a combination product is one composed of any combination of a drug and device; biological product and device; drug and biological product

wondering what A-Day is and what pension advice they will need to prepare for it. Below we take a closer look at A-Day and what it might mean for the

; or drug, device, and biological product and fixed dose combination would include two or more combinations of drug.

Examples of combination products may in

average worker.

What is A-Day?

A-Day refers to the changes to the UK pensions which is set to occur in April this year.

What is the aim of A-Day?

lude drug-coated devices, drugs packaged with delivery devices in medical kits, and drugs and devices packaged separately but intended to be used together.

The main idea behind A-Day is to “increase choice and flexibility for all”. The government’s broad aim in the introduction of the new pension rules i

here is enormous increase in the number of combination products entering the market in the recent years. Combination products have proven advantages but fixe

April 2006 is to simplify the existing pension rules. The rules will affect all pensions including personal and work pensions. In a nutshell, A-Day

d dose combinations are still in the process of convincing regulatory authority on their advantages over the single ingredient formulations.

Combination pro

ims to take the pressure off agencies that need to give pension advice by actually simplifying the whole pension system.

What pension changes will o

ucts have become life saving products for the pharmaceutical companies who doesn’t have many innovative molecules in their product pipeline and have been inc

cur with A-Day?

•The Standardisation of Tax Free Cash - The tax-free cash sum entitlement currently differs between Pension Schemes. Furthermore, th

easingly used in the product life cycle management. Even the companies having product patents are trying to extend their product life cycle through the combi

e entitlement in the Occupational Pension Schemes can actually be less than 25%. The simplified pension rules will ensure that Tax Free Cash allowanc

nation products and maximize the revenues. But the companies involved in this practice are overlooking that they are burdening the patients both economically

of all Pension Schemes is set at 25% of the fund value as standard. If you have an occupational pension where the tax-free cash entitlement is highe

and physically. They need to rightly judge the benefits of the combination products and they have to even look at the risks involved when combining the produ

than 25% then you will need to seek pension advice from an experienced Independent Financial Adviser, who will be able to help you protect this righ

ts. Some of the combination products were well accepted by physicians while others suffered. Companies involved in development of combination products are fi

.

•Alternatively Secured Pension - An Alternatively Secured Pension will also be introduced which will mean that after the age of 75 withdrawal of i

ding difficulty in defining their combination products and facing various challenges from selecting a combination to marketing it.

Following aspects would a

come will be known as "Alternatively Secured Pension” and will be similar to income drawdown. This allows you to draw an income, up to a maximum of 7

dd to the challenges in developing combination products:

Which markets to tap where the combination products can do fairly well?
Which combination prod

% of the highest single-life annuity, each year from your pension fund.

•Greater Flexibility in Investment - There will also be greater flexibility

cts are meaningful and rational?
Which therapeutic categories to select?
Which Combinations can address unmet needs of the patients?
Do combin

n investment including the provision enabling you to hold residential property within your pension fund. You may also be able to sell and buy these p

tions increase the patient compliance?
What would be the developing cost?
How to tackle the risks encountered during combination product developmen

roperties between individuals.

•Contributions - The amount you can currently contribute into a pension scheme is capped but A-Day is set to change a

t?

As combination products don't fit into the traditional categories of drugs, medical devices, or biological products, the USFDA is in the process of devel

l this. As of April this year, there will be no maximum amount of pension saving.

Who will be affected by these pension changes?

Actually nearly ev

ping new procedures for reviewing their safety, efficacy and quality.

Professional from academic institutions, pharmaceutical industries, health care indust

rybody who will work or has worked will be affected by these pension simplification rules. It will impact on any individual who already has a pension

y and representatives from various regulatory agencies are working out to design the regulatory requirements for manufacture and sale of combination products

in place or any individual who will start a pension plan at any point in the future.

Where is the best place to get pension advice regarding A-Day?

.

As there is an increasing trend of the combination products companies manufacturing such products should be able to tackle the problems involved in the de

It is always highly advisable to discuss any pension advice you may require with a professionally trained financial adviser. It is also worth noting

elopment. They need to be wiser in analyzing the market trends and the regulatory requirements.

Companies that provide selfless information through particip

hat you should always check that any financial adviser you speak to is registered with the FSA and is thereby duty bound to offer you unbiased advice

tion in industry events and feedback to regulatory authorities would be able to face the challenges and will be successful in developing combination products

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