The following Pensions guidance note Produced in partnership with Wyn Derbyshire of gunnercooke LLP provides comprehensive and up to date legal information covering:
Successive UK governments have long proclaimed the importance of encouraging long-term savings both within and without the private sector pensions arena. Recent years have also seen, however, an increasing number of challenges as to the fitness and fairness of the UK’s system of pension tax relief, particularly with regard to non-public sector pension schemes.
The government budgets over those years have shown that politicians of varying political persuasions have been increasingly willing to sanction increasing restrictions of the available tax relief, particularly with regard to the levels of the lifetime and annual allowances, something that would have been difficult to imagine twenty or thirty years ago.
In July 2015, the UK government initiated a public consultation exercise designed to examine further possible reforms of the UK’s system of pension tax relief with the aim of increasing the incentive to save.
In the budget of 2016, the then Chancellor of the Exchequer George Osborne announced that following the conclusion of the consultation exercise, it was clear that there was ‘no consensus’ at that time for further changes to the pension tax system. The consultation did find that young people in particular are not saving enough, often because they feel they have to choose between saving for their first home and saving for retirement.
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