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You may be concerned about reports of market turbulence as a result of the Russia-Ukraine conflict and how this might affect the value of your pension savings. Find out more

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Eloise Henderson
Head of Strategic Communications
T: 01293 205335
M: 07741 384460

Blaise Tapp
Media Relations Manager
T: 01293 205336
M: 07388 943700

Commenting on the Chancellor’s announcement to increase the tapered annual allowance by £90,000 to £200,000, Gregg McClymont, director of policy at The People’s Pension and a former shadow pensions minister, said:

“Pensions tax relief needs reform and simplification. While we understand the need to support hard working senior doctors, the huge hike of the tax taper threshold by the Chancellor helps only a small, part of the working population – high earners – but does nothing for millions of basic rate taxpayers workers who would have benefited from comprehensive reform of pension tax relief rather than more tinkering.

“Two-thirds of the total tax relief paid out by the government already goes to higher rates taxpayers; a universal flat rate relief of 30 per cent would help those most in need to increase their retirement savings. A comprehensive review of this incredibly complicated system, under the remit of an independent Pensions Commission, could begin the process of reform.

‘The Government’s announcement that they intend to review the ‘net pay anomaly’ – meaning that 1.7 million of the lowest earners miss out on tax relief due to a quirk – is a welcome step, but it needs  to move quickly.”