Advisers want certainty on pensions taxation, and this is seen as more of a political priority than recent consultants on range of retirement issues: from eradicating small pots, improving support for retirement choices, expanding CDC and getting pensions to invest in ‘productive finance’.
The survey by found that six out of 10 advisers said certainty on pension taxation was the area of government policy and regulation was of most interest to them and their clients.
Coming some way down the list was improving support with retirement choices at 12 per cent, while providing certainty on long term care funding came third with 10 per cent.
The recently closed consultation on small pension pots was not a priority for respondents, with only 4 per cent choosing it as most important.
Royal London director of policy Jamie Jenkins says: “The results of this poll are quite striking, but appear to confirm what we hear from so many advisers at the moment. The uncertainty of such differing positions on the taxation of pensions between the two main political parties is creating real problems for clients trying to plan their retirement.
“Pensions taxation has been an area of constant change, with allowances moving up and down, often with little warning. It would be good to set a clearer strategy – ideally one with cross-party support – as to how pensions should be taxed, allowing people to plan for later life with confidence.”
–
