Budget 2018: Chancellor ignores net-pay pensions tax relief anomaly

Branded 'missed opportunity'

Kim Kaveh
clock • 2 min read

Philip Hammond has failed to address the net-pay anomaly affecting lower-paid earners who are missing out on tax-relief on their pension contributions in today's Autumn Budget.

It comes despite industry heavyweights urging the chancellor to take action on the net pay tax-relief anomaly earlier this month, which included the likes of former pensions minister Baroness Ros Altmann, and Sir Steve Webb - who is now director of policy at Royal London. Commenting on today's Budget, Now Pensions director of policy Adrian Boulding said it is "extremely disappointing" that the chancellor has chosen to ignore the 1.2 million low-earners in net pay schemes who are missing out on tax relief through no fault of their own. "One of the headline benefits of saving into a wor...

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

Mind the gap: Why advisers have a key role in closing the gender pension divide

Mind the gap: Why advisers have a key role in closing the gender pension divide

'While access to pensions has improved, barriers remain'

Julia Peake
clock 22 October 2026 • 5 min read
Planning points: Paying pension funds to charity on death

Planning points: Paying pension funds to charity on death

IHT on pensions may create opportunities for charitable giving

Martin Jones
clock 16 October 2026 • 3 min read
Torsten Bell: Pensions industry must 'give ground' to what savers trust

Torsten Bell: Pensions industry must 'give ground' to what savers trust

Torsten Bell says what the industry is doing is a ‘triumph’, but there must be transparency

Holly Roach
clock 15 October 2026 • 1 min read