Friends Life proposes 'equal terms to all' pension tax relief

The group proposed to set a flat rate pension tax relief at 33% for all savers, saying it would make it easier for consumers to understand, while alleviating inconsistencies in the current system which benefit higher earners. Friends Life suggested any lower rate would short change the majority of basic rate tax payers, who, it estimated, "already get 32% relief today by contributing via salary sacrifice". Group chief executive Andy Briggs (pictured) cited Centre for Policy Studies research from last April, which found only one in seven people who receive higher rate tax relief on the...