The National Association of Pension Funds (NAPF) has welcomed news that the Inland Revenue is to set...
The National Association of Pension Funds (NAPF) has welcomed news that the Inland Revenue is to set up a taskforce, which NAPF will be a part of, to review how the IR's regulations regarding pensions can be simplified.
The NAPF applauded yesterday's speech by Melanie Johnson, economic secretary to the Treasury, that addressed both how the Myners Review fits in with the Government's objectives and what the Government's role should be in relation to the pensions industry.
Alan Pickering, NAPF chairman, said: "It is excellent news that the Government has now acknowledged that regulation is counter-productive and a discouragement to save for retirement. The existing rules have often prevented schemes from giving increases that they could afford to poorer pensioners."
For a number of years the NAPF has asked for simplification of the rules arguing that they were based on the premise that people join their pension scheme to save tax rather than to save for their retirement.
First mentioned in Cridland Report
Second acquisition of 2019
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