Royal London chief renews attack on plan to tax pensions like ISAs

Scott Sinclair
clock

The chief executive of life and investments provider Royal London has renewed his criticism of proposals to tax income saved into pensions like an ISA.

Phil Loney said the move risks undermining public confidence in long-term saving and "derailing" the government's achievements to date in the retirement sector. "Nobody should be asked to save for 30+ years without absolute certainty that savings made from their income will not be taxed twice," the group CEO said. Currently, tax relief on pension contributions is provided upfront as an incentive to keep money locked away until retirement, when contributions are subject to tax. But Chancellor George Osborne has suggested reversing the system so that pension contributions are made fr...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Pensions

'A challenge that must be faced': Closing the gender pension gap

'A challenge that must be faced': Closing the gender pension gap

Latest DWP gender pension gap figures make 'uncomfortable reading'

Caitlin Southall
clock 05 September 2025 • 4 min read
State pension age review: Govt launches call for evidence

State pension age review: Govt launches call for evidence

UK faces long-term demographic pressures

Jenna Brown
clock 18 August 2025 • 2 min read
'Barriers are institutional, not technical': Industry split over ten-day pension switch proposal

'Barriers are institutional, not technical': Industry split over ten-day pension switch proposal

After PensionBee calls for a legally enforceable transfer guarantee

Sahar Nazir
clock 18 August 2025 • 2 min read