Radical pension reforms could significantly boost the pension savings of the majority of earners, but at the cost of substantial losses to high earners and major disruption to the industry, a report concluded.
Sipp contributions more than trebled compared to the previous year, Fidelity International’s pension inflow figures showed.
Sipp firm: Doubts over tax relief cost Treasury £billions
I try to avoid speculating on the outcomes of the Budget. However as this year’s fast approaches one can’t help but take a great deal of interest on the various views being expressed on what will be the aftermath of the Green Paper – Strengthening the incentive to save: a consultation on pension tax relief. So I think this time I will take a punt.
New analysis has shown big variations across the country when it comes to how long workers face having to work to achieve the same quality of pension as their parents’ generation.
A TUC-sponsored report has found that women, carers, ethnic minorities and the self employed lag well behind behind the average man when it comes to pension saving.
George Osborne has a “once in a lifetime opportunity” to create a tax environment to support decent living standards in retirement.
Any moves to further reduce tax relief on future pension contributions would be a “second tax grab on pension savers”.
AXA Wealth’s specialist Sipp and investment platform grew funds under management by 13 per cent to £20.7bn in 2015.
Ex-Pensions Minister and ousted former Liberal Democrat MP Steve Webb has launched a scathing attack on proposals to change tax rules – calling them ‘daylight robbery’.
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