Call to scrap pensions tax relief to boost saving

The current tax relief system only encourages saving amongst those already inclined to save, the Social Market Foundation (SMF) said in its report Savings on a shoestring: a whole new approach to savings policy. The report said a matched savings scheme where the state puts in a capped additional amount for every pound paid into a pension would be more progressive than the current system. It added a matched savings scheme would be cost-neutral to the taxpayer and more likely to encourage people to proactively save than offering tax relief, which was too complicated. SMF also suggest...