Salary sacrifice

'Private pensions are no longer simply a retirement savings vehicle. They have become a growing source of tax revenue'

According to Freedom of Information request to HMRC

Commons overturns Lords amendment to increase cap to £5,000 from initial £2,000 proposal

Amendments will reduce or remove the impact of changes to salary sacrifice for most savers

Minister confirmed retirement CDC ‘will happen this year’

Peer says legislation ‘not clearly thought through’

Employers and employees will ‘face higher costs’ from salary sacrifice changes

Two-thirds think changes will mean paying more National Insurance

'While this policy alters the landscape, it arguably represents an adjustment rather than a fundamental reform'

The editor's Friday Night Takeaway from 19 December