Treasury opens pensions tax relief admin consultation and admits past failings

The expected consultation announced in this year's Budget comes after a report published by the Public Accounts Committee (PAC) called on the government to conclude whether the £38bn estimated cost of pensions tax relief in 2018/19 was effective. The PAC said the government had failed to estimate whether the cost is an encouragement for retirement savings and said HM Revenue and Customs (HMRC) needed to publish data to show a clear breakdown of groups benefiting from relief. In the 40-page call for evidence, however, the Treasury outlined the differences in outcomes for some low earne...