PLSA comments on Pensions Tax Relief Administration Call for Evidence
21 July 2020
The Pensions and Lifetime Savings Association (PLSA) have commented on the Pensions Tax Relief Administration Call for Evidence:
Lizzy Holliday, Head of DC, Master Trusts & Lifetime Savings, PLSA, said:
“The publication today by the Government of a call for evidence on the net pay/relief at source issue shows long overdue progress towards fixing the tax anomaly that is leaving 1.75 million of the lowest paid pension savers in ‘net pay arrangements’ worse off. On the minimum auto-enrolment contributions, those affected are losing up to a total of £63 a year each, and in many schemes it can be at least double this figure. Of the affected population, over 75% are female.”
“The PLSA has long advocated for the ‘P800’ solution using Real Time Information (RTI) data – as the best option to addresses the issue and we will continue to engage with Government regarding the barriers they have posed – action is needed on this matter.”
Mark Smith, Senior PR Manager
020 7601 1726 | [email protected]k
Steven Kennedy, PR Manager
020 7601 1737 | 07713 073024 | [email protected]