'Scrap pension tax relief altogether' - Hargreaves Lansdown

With a view to dropping the current system, the firm has proposed a ‘100 minus age' system where the government provides a percentage bonus on top of pension contributions equal to 100 minus the age of the contributor.  As an example, a 25-year-old would receive a 75% top-up on their contributions while a 50-year-old would receive a 50% bonus. "We particularly like the fact there's a motivational dimension to it," Hargreaves Lansdown head of retirement policy Tom McPhail said. "There's a very clear motivational message to get on and do it now. It will still be a good deal next year, but ...