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GLOSSARY
Tax privilege definition
Published by a LexisNexis Pensions expert
What does Tax privilege mean?
Phrase used in Treasury documents to suggest that pensions are ‘fiscally privileged’.
In fact UK pension arrangements in theory follow the ‘EET’ system, ie tax exemption on contributions into the scheme, tax exemption on the build-up, and then taxation on the benefits. Apart from the tax-free lump sums, pension funds are broadly fiscally neutral, and they are not particularly advantageous to the higher-paid, nor do the higher paid receive disproportionately higher tax reliefs.
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