Abolition of tax credit just 'one of several' issues

Following the disclosure by the Treasury of five documents relating to the advice given to Gordon Brown before his first Budget in July 1997, Nigel Peaple, director of policy at NAPF, admits “the removal of the tax credit was very unhelpful”. However, he argues: “It was only one of several reasons why workplace pensions have come under pressure in recent years. Some of these pressures were beyond anyone’s control, such as increasing longevity and the fall in equity markets.” And while he says other problems “were man made, such as the introduction of new accounting rules [FRS17] and the...