Introducing a single rate of tax relief for all pension savers would result in a simpler, fairer and more sustainable system, according to the Association of British Insurers (ABI).
The organisation has set out why it believes the government should reform higher rate tax relief ahead of the government's final decision on the issue. The Chancellor is expected to make an announcement on the Treasury's consultation on pension tax relief in the Budget set for 16 March. The government has been considering a shift to ISA-style pensions as part of the ‘Strengthening the incentive to save' green paper but the ABI believes a flat-rate would result in a better outcome. It said moving to a pension-ISA would have a "very damaging long-term effects on our economy". The...
To continue reading this article...
Join Professional Adviser for free
Signup and gain exclusive members-only insights
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes
