Pension tax relief change will not improve savings behaviour - research

Carmen Reichman
clock

A change in the way the government collects tax on pension savings will not make people save more way for their retirement, according to the latest consumer research.

The Treasury is consulting on changing the tax relief people get on their retirement savings - from an upfront relief to an Isa-style relief upon withdrawal. But research which asked consumers about the change has suggested the move will not make they save more. The research also backed up previous studies which suggested widespread confusion among savers about pensions.   Don't know the rules Almost two thirds of adults were confused about how much they need to save and where they should save it, while more than half still don't know the rules around accessing their cash in r...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Pensions

A decade on: Risks and challenges of freedom and choice

A decade on: Risks and challenges of freedom and choice

'Let me be clear: No one will have to buy an annuity'

Adrian Boulding
clock 25 November 2024 • 6 min read
How retirement planning has transformed over the past 50 years

How retirement planning has transformed over the past 50 years

PPI report looks at the move from predictable pensions to personal responsibility

Jonathan Stapleton
clock 21 November 2024 • 3 min read
Act now: Planning for retirement is a concern for today

Act now: Planning for retirement is a concern for today

'Don't wait until tomorrow to think about retirement'

Andrew Tully
clock 20 November 2024 • 4 min read