Net-pay scheme members to get 20% top-up from 2024

As part of the Autumn Budget today, the Treasury said it would introduce a system to make top-up payments to low-earning individuals in a net-pay arrangement. Currently, savers whose earnings fall below the personal tax threshold, and are members of net-pay schemes, lose out on 20% tax relief which is automatically applied to savers in relief-at-source schemes. The majority of master trusts use this structure, which has previously been described as a "hidden scandal". The government said its plan would "help to better align outcomes with equivalent savers" in relief-at-source schem...