Law Debenture response to HM Treasury’s consultation on pensions tax relief and strengthening the incentive to save
22 October 2015
In its response to HM Treasury’s invitation to contribute to its consultation Law Debenture confirmed its view that strengthening the incentive to save will not be enhanced by reforming pensions tax relief. It believes that a commitment to long-term saving will be best served by building and maintaining confidence in an enduring framework of long-term incentives to save.
Part of the Government’s long-term economic plan is to give individuals greater freedom with their money and to foster a strong culture of saving. It recognises the need to make sure that the system incentivises more people to take responsibility for their pension saving so that they are able to meet their aspirations in retirement.
Having taken into account a range of issues Law Debenture concluded that a major shake-up regarding tax relief will not be helpful in achieving the Government’s objectives in this regard.
Download the full response here.