Responding to media commentary that the Chancellor plans to make no change to pension tax relief in the forthcoming 2016 Budget, Joanne Segars, Chief Executive, Pensions and Lifetime Savings, commented:
“We’ll have to wait for the Budget on 16 March to get the full details but if the Chancellor has indeed decided not to meddle with tax relief on pensions he is to be applauded.
“Tax relief plays an essential part in encouraging people to save for their retirement and any change to the pension tax system would without doubt disadvantage savers of all incomes. No change to pension tax relief on Budget day will be the right decision.”
A copy of the Association’s submission to ‘Strengthening the incentive to save: a consultation on pensions tax relief’ can be found on our website here.