pensions tax relief

Industry heavyweights have urged chancellor Philip Hammond to take action on the net pay pensions tax relief anomaly which affects lower-paid earners.

Around three-fifths of respondents in this week's Pensions Buzz backed the view that trustees should take a proactive approach to engage with members when they are seeking to transfer out of their defined benefit (DB) scheme.

Chancellor of the Exchequer Philip Hammond has confirmed he will deliver the government's annual budget on 29 October.

The Liberal Democrat party has passed a motion pledging to cap tax-free lump sums under Freedom of Choice at £40,000 if elected into government.

Tax relief on pension contributions is not an effective way of incentivising saving and the government may wish to consider fundamental reform, the Treasury Committee says.

The government is set to take a close look at the current pension tax relief system, Baroness Buscombe revealed in a speech to the House of Lords last night.

This week's top stories include Tesco cutting its defined benefit deficit by £2.8bn after it changed the way it reflected long-dated corporate bond yields in its discount rate.

Low income earners in the majority of master trusts are missing out on tax relief on their retirement savings due to a legislative technicality, according to research.

Any further changes to tax relief would undoubtedly add to the cost and complexity of running a DB scheme, says Steve Webb

The estimated cost of pensions tax relief for employees to the government is expected to hit £24bn in this tax year, according to government data.