Corporate Adviser
  • Content Hubs
  • Magazine
  • Alerts
  • Events
  • Video
    • Master Trust Conference 2024 videos
  • Research & Guides
  • About
  • Contact
  • Home
  • News
  • In Depth
  • Profile
  • Pensions
    • Auto-enrolment
    • DB
    • DC
    • Defaults
    • Investment
    • Master Trusts
    • Sipps & SSAS
    • Taxation
  • Group Risk
    • Group Life
    • Group IP
    • Group CIC
    • Mental Health
    • Rehab
    • Wellbeing
  • Healthcare
    • Musculoskeletal
    • Mental Health
    • IPT
    • Wellbeing
    • Trusts
    • Cash Plans
  • Wellbeing
    • Mental Health
    • Health & Wellbeing
    • Financial resilience
  • ESG
No Result
View All Result
Corporate Adviser
No Result
View All Result

Gauke rules out pensions tax relief reform

by John Greenwood
July 4, 2017
Share on FacebookShare on TwitterShare on LinkedInShare on Pinterest

The Government’s lack of a majority means plans for a fundamental reform of pensions tax relief are on hold for the foreseeable future, Work and Pensions Secretary David Gauke MP told an ABI conference today.

David Gauke MP

Gauke, who was both chief secretary and financial secretary to the Treasury under then Chancellor George Osborne, said the lack of consensus on the issue in the previous Parliament had held back reforms then, adding that the weakness of the current administration, which does not have a parliamentary majority, meant reform to tax relief was even less likely.

He said reforms to the pension landscape were only likely to get through Parliament now if there was consensus on both sides of the House of Commons.

Gauke reasserted the Government’s intention to create an auto-enrolment-style solution for the self-employed, adding that while the challenge may seem a big one, the success of auto-enrolment for employees had shown that the industry and other stakeholders were capable of overcoming considerable obstacles.

Gauke said: “I am not going to shy away from the fact that getting things through the House of Commons at the moment, where we don’t have a majority, will be challenging. But that will give us the opportunity to try to build consensus. This is not going to be a period of rushing legislation through, going from announcement to legislation in a short period of time.
“I worked very closely on tax relief in one of my previous roles. The point that the then Chancellor made was that there would be a consensus required as to how to reform pension tax relief, and I can’t say that anything has changed. The idea in the Previous parliament was somewhat daunting. I don’t think that recent events have changed that in any way. They will continue to be a debate on this issue but I do not see a particular consensus emerging and so wouldn’t expect to see fundamental changes in the future.”

Old Mutual Wealth head of retirement policy Jon Greer says: “For a couple of years there has been a cloud of uncertainty hanging over the future of pension tax relief after the government consulted on reforms, which may have dramatically curbed the pension perks available for higher rate taxpayers. With recent figures showing the level of saving at a record low, now may not be the time for an overhaul of the pension tax relief system.”

VIDEO FROM ROYAL LONDON


Find out more about how to support the switching of a workplace pension

Corporate Adviser Special Report

REQUEST YOUR COPY

Most Popular

  • Unum acquires renewal rights to Generali UK’s employee benefits business

  • Howden and Barnett Waddingham profile: Consolidation drive

  • EAPs under pressure

  • Mercer: The death of default retirement

  • Scottish Widows makes two appointments to IGC

  • Cash plan market continues to expand: CA Corporate Cash and Dental Plans Report

Corporate Adviser

© 2017-2024 Definite Article Media Limited. Design by 71 Media Limited.

  • About
  • Advertise
  • Privacy policy
  • T&Cs
  • Contact

Follow Us

X
No Result
View All Result
  • Home
  • News
  • In Depth
  • Profile
  • Pensions
    • Auto-enrolment
    • DB
    • DC
    • Defaults
    • Investment
    • Master Trusts
    • Sipps & SSAS
    • Taxation
  • Group Risk
    • Group Life
    • Group IP
    • Group CIC
    • Mental Health
    • Rehab
    • Wellbeing
  • Healthcare
    • Musculoskeletal
    • Mental Health
    • IPT
    • Wellbeing
    • Trusts
    • Cash Plans
  • Wellbeing
    • Mental Health
    • Health & Wellbeing
    • Financial resilience
  • ESG

No Result
View All Result
  • Home
  • News
  • In Depth
  • Profile
  • Pensions
    • Auto-enrolment
    • DB
    • DC
    • Defaults
    • Investment
    • Master Trusts
    • Sipps & SSAS
    • Taxation
  • Group Risk
    • Group Life
    • Group IP
    • Group CIC
    • Mental Health
    • Rehab
    • Wellbeing
  • Healthcare
    • Musculoskeletal
    • Mental Health
    • IPT
    • Wellbeing
    • Trusts
    • Cash Plans
  • Wellbeing
    • Mental Health
    • Health & Wellbeing
    • Financial resilience
  • ESG

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.