The Pensioneer Trustee Company (Guernsey) Limited


Govt must scrap pension tax relief - think tank

January 8, 2014

Tax relief on pension contributions should be scrapped and replaced in favour of a simple matching savings scheme, according to think tank ResPublica.

The non-partisan organisation, set up by director Phillip Blond, said tax relief had cost more than £48bn but had not helped boost pension saving.

Speaking on the issue, Blond said a new mass savings vehicle, which could become a tool for widespread investment, would provide a fairer alternative.

"Tax relief has amounted to a total of £48.4bn in the UK," Blond said. "It has not worked and has not delivered the vast majority of the population any saving. The system has produced a net investment return of minus £17.5bn."

Blond added: "We need to get rid of this and get in a mass savings scheme. A genuine mass savings account system would solve the semi-funding crisis that conspires against jobs in the UK," Blond said. "What we've got now only aids the rich getting richer."

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