British Insurers Call For Overhaul Of Pension Tax Relief

Law360, London (June 23, 2020, 4:24 PM BST) -- The government should overhaul the system for pensions tax relief, making it simpler for savers and removing inequalities, the Association of British Insurers said Tuesday.

The ABI said there should be a single rate of tax relief on workers' contributions to defined contribution schemes, because the existing system favors higher earners.

"The current pensions tax relief system is too complex," the ABI said. "Years of tinkering have made it difficult for savers to plan for the long term. A change to the system is needed so it is simpler, fairer to all earners and encourages saving for retirement."

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