Workers believe the tax treatment of pensions is too complex and would welcome switching to a system that treats pensions like ISAs, according to research from PwC.
Michael Johnson pulls the strings
The Treasury took the lead on the retirement flexibilities introduced in April because they were mostly concerned with removing tax charges, Chancellor George Osborne has said.
Complaints about annuities are continuing to rise more than a year after the Chancellor announced a reform of the retirement income market, according to the latest figures from the Financial Ombudsman Service (FOS).
The pensions industry recognises the need for change, but thinks the summer Budget spells trouble and ‘ISA pensions' would mean lower retirement incomes, according to PP research.
Is the green paper a waste of time?
Industry figures have warned the green paper on pensions tax relief published last week is "not a genuine consultation" as the government has already decided on the outcome.
Helen Morrissey has concerns that current changes to the annual allowance could undermine scheme saving.
The government must tread very carefully if it wants to overhaul pensions tax relief