Two-thirds salary could go, Flight tells SOFA Update

Professional Adviser
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Occupational pensions may no longer be required to pay its members two-thirds of their final salary ...

Occupational pensions may no longer be required to pay its members two-thirds of their final salary when they retire, once the Pensions Green Paper is published. Speaking at the SOFA Update Conference in Birmingham, Howard Flight MP welcomed Gordon Brown's decision to allow policyholders to keep claiming the tax-free allowance of a personal pension if they wish to. However, Flight said sources inside the Inland Revenue opposed the maintenance of that tax-free lump sum when policyholders retire, as part of the Revenue's pensions tax simplification paper for the Treasury. He al...

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