'Messy' net-pay remedy to miss 85% of affected savers

To be offered 20% 'top-up'

clock • 4 min read
Former pensions minister Baroness Ros Altmann.
Image:

Former pensions minister Baroness Ros Altmann.

Only 15% of those affected by the net-pay anomaly are expected to take up the free cash on offer from the government, Treasury estimates reveal.

As announced in Wednesday's Autumn Budget, those impacted by the long-running net-pay issue will be offered a 20% "top-up" to their contributions from the 2024/25 tax year, to be paid the following tax...

To continue reading this article...

Join Professional Adviser

 

  • 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.
  • Tap into our community intelligence through our regular Pro Adviser poll.
  • 
 Be the first to hear about our events and awards programmes.

Join

 

Already a Professional Adviser member?

Login

More on Pensions

CDC support grows; one fifth of businesses considering use

CDC support grows; one fifth of businesses considering use

Spurred by Royal Mail CDC scheme

Holly Roach
clock 06 December 2021 • 2 min read
Rachel Vahey: "In introducing this the Department for Work and Pensions has had to walk a fine line. The regulations have to be flexible enough to allow the ‘good transfers' to go ahead; they cannot risk bringing the transfer market to a standstill."

Rachel Vahey: Walking a fine line on DB transfer restrictions

In force from 30 November

Rachel Vahey
clock 02 December 2021 • 3 min read
Richard Jones: Helping clients with small DB schemes face ESG challenge

Richard Jones: Helping clients with small DB schemes face ESG challenge

ESG policy ramping up

Richard Jones
clock 02 December 2021 • 3 min read