CPS reiterates calls for scrapping of pension tax relief and LTA

The Pensions and Savings Manifesto, written by Michael Johnson (pictured), said income tax relief on pension contributions - that cost the Treasury £30.4bn in 2015/16 - should be replaced by a single 25% ‘bonus' on post-tax pension contributions. It also said the annual allowance should be reduced from £40,000 to £10,000, as both income tax relief and the allowance benefited only the wealthy. Meanwhile, scrapping the £1m lifetime allowance was seen as another "much-welcomed" simplification for pensions. The paper said the measures would simplify the savings arena: "Gone would be th...