The National Association of Pension Funds (NAPF) has urged the Government to simplify its approach to pension tax and radically reduce the annual allowance for tax-favoured pension contributions from the current limit of £245,000 to a range of between £45,000 and £60,000. The association believes this will allow the Government to raise additional tax revenues.
The NAPF represents 1,200 workplace pension schemes in the UK with 15 million members and assets of £800 billion.
NAPF Chief Executive Joanne Segars said:
“The next twelve months will be critical for UK pensions. It is essential that the Government makes the last Budget of this Parliament a Budget for Pensions.
“As recession-hit companies assess the cost and complexity of the pensions they offer their employees, the Government must abandon its unworkable pension tax plans that will only serve to damage pension provision.
“The NAPF’s simpler approach to pension taxation will avoid the arbitrary and unfair effects of the Government’s proposals – too many people outside the Government’s target income group are at risk of facing high tax bills just for saving in a pension scheme.”
To read the NAPF proposals, visit the NAPF website.
** UK Tax Law: Additional Information & Advice **
Alternatively, you may want to speak with a solicitor who specialises in tax law.
- End tax breaks for wealthy pension savers, says lobby group (Guardian)
- Pension funds attack Darling’s pension tax plans (BBC News)
You may also like:
- Guest Blog: Cohabiting couples, their rights and the common law…
- Health and Safety: Alton Towers owner pleads guilty to health…
- Law and government: Councils appeal for increased powers to limit…
- International: Virginia governor overturns law to allow convicted criminals to…
- Legal Aid: New report shows rise in DIY defence since…
If you cannot find what you are looking for on Findlaw.co.uk please let us know by contacting us at: email@example.com.
Furthermore, please be aware that while we attempt to ensure all our information is as up-to-date and relevant as possible occasionally some our articles may no longer be accurate.