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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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The Pensioneer Trustee Company (Guernsey) Limited is licensed by the Guernsey Financial Services Commission under The Regulation of Fiduciaries, Administration Businesses and Company Directors, etc. (Bailiwick of Guernsey) Law, 2000 and subject to The Pension Licensees (Conduct of Business) & Domestic and International Pension Scheme and Gratuity Scheme Rules (No.2) 2017.