The National Association of Pension Funds (NAPF) has asked the Chancellor of the Exchequer Gord...
The National Association of Pension Funds (NAPF) has asked the Chancellor of the Exchequer Gordon Brown, to abolish stamp duty on share transactions.
NAPF urged Brown to use his Budget speech as an opportunity to restore confidence in saving for retirement.
Peter Thompson, NAPF Chairman said: "Despite the need to save more for a longer retirement, there is plenty of evidence that companies and individuals are actually reducing the amount they put into pension saving. On Wednesday the Chancellor has a unique opportunity to restore confidence in the pension system."
Other measures NAPF wants to see addressed include recognition that long-term saving for retirement income should receive more favourable tax treatment than short-term saving for discretionary expenditure.
NAPF also wants confirmation that the present approach to tax treatment of retirement saving will be retained and enhanced.
The association wants commitment to radical simplification of the regulatory burden on employers operating pension schemes and the introduction of flexible retirement arrangements.
"Without a clear and firm commitment to addressing these issues, we believe the present decline in the overall level of pension saving will continue. We call on the Chancellor to recognise publicly the difficulties which employers are facing and to address these in his speech on Wednesday," added Thompson.
The increase in minimum AE contributions has had little impact on opt-out rates - with cessations after April increasing by less than two percentage points, data from The Pensions Regulator (TPR) shows.
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