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Pension savers benefit from tax relief on their contributions – but do they realise it?
We wanted to find out what people understand about, and how they view, the ‘incentive’ of tax relief.
B&CE, provider of The People’s Pension, conducted an online survey via the YouGov general public omnibus, a panel representative of the GB population. The questions were directed at individuals of the working age who are currently contributing to any pension (sample size: 1794) and those specifically contributing to a workplace pension (1256).
This research sits within the context of the government consultation on tax relief – ‘Strengthening the incentive to save’ – to which B&CE responded shortly after this study was concluded.
The findings of the research helped to reinforce the questions around the existing system of tax relief. As our Director of Policy and Market Engagement, Darren Philp, pointed out, ‘incentives only work where they are clear and understandable’.