Budget proposals will 'damage' occupational schemes

An exclusive survey by Professional Pensions showed that 75% of scheme managers said these proposals would have negative consequences, 19% said they would not and 6% were unsure. One manager said: "The proposals signal a discouragement of occupational pensions just when we needed a big encouragement following the bear market and credit crisis." He added: "Whatever happened to simplification?" This comes after Alistair Darling announced he would restrict higher-rate tax relief on pension contributions for people with incomes over £150,000 from April 2011 (PP Online, April 22). The ch...