Raj Mody

Senior industry figures are pleading for an early government announcement on pension tax relief restriction rules because "time is running out" for employers to implement changes.

The aggregate funding position of the 6,653 schemes in the Pension Protection Fund's 7800 index improved to a surplus of £6.6bn at the end of July.

The industry has lambasted proposals to restrict higher-rate tax relief for those earning more than £130,000.

Yesterday (March 3), the government closed its consultation on plans to restrict higher-rate tax relief on pension contributions from April 2011.

Anti-forestalling regulations are driving high-earning employees in certain sectors to work abroad because they are no longer willing to work in a "tax hostile" environment, a provider says.