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Commenting on the Chancellor’s Autumn Statement, Darren Philp, Director of Policy and Market Engagement at The People’s Pension, has said:
“ For once we have a relatively quiet Autumn Statement for pensions after several years of rapid change – although the Chancellor hasn’t entirely avoided the tinkering around the edges.
“Aside from the heavily trailed crackdown on scams and cold calling – which is very welcome and much needed – there was confirmation of changes to the tax treatment on salary sacrifice in some areas. The key question now is ‘is this the thin end of the wedge?” and will salary sacrifice on pensions be looked at in the future, perhaps as part of a wider review of pensions tax?
“The proposed changes to the Money Purchase Annual Allowance for people who have accessed their savings under freedom and choice is being done to stop people double benefiting from tax relief. While you can see the rationale for the Treasury wanting to do this, again it is more tinkering and more change.
“With the gap between work and retirement becoming increasingly blurred, it would be great if the Government could consider these issues as part of a wider consideration of what it wants the pensions system to achieve and how it fits with modern ways of working/saving. While it is at it, it should look at the Lifetime ISA in this context too.”
For more information, contact Alison Pendlington, Corporate Affairs Manager at The People’s Pension on 01293 586632 or firstname.lastname@example.org.
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About The People’s Pension
The People’s Pension is the largest private sector master trust (multi-employer pension scheme) in the UK, with 2 million members and over 30,000 employer accounts.
Run by B&CE, a not for profit company, it offers a simple and low cost automatic enrolment workplace pension solution for employers of any size from any sector.
We tweet as @peoplespension.