NAPF welcomes new pensions tax proposals

Responding to the new pensions tax proposals published today by HM Treasury, Joanne Segars, Chief Executive of the NAPF, said: 

“Today’s announcement is a welcome and pragmatic approach that will help to ensure that saving through a pension remains tax incentivised.

“We are particularly pleased that the Government has listened to the NAPF and taken steps to protect moderate earners. The increased annual allowance, three-year carry forward, exclusion of ill-health retirement, and protection for deferred pensioners are sensible and helpful improvements to the earlier proposals.

“Increasing the Annual Allowance to £50,000 will help to ensure that modest earners with long periods of pensionable service are not caught with an unintended tax charge.

“It is important that these fundamental changes to the taxation of pensions remain focused on higher earners. Today’s announcement will help meet that objective.”