The agenda for the PLSA conference has hinted at incoming changes to pension tax relief at the Autumn Statement.
In the newsletter sent to members it says: “Emma Reynolds MP, Minister for Pensions will be giving a keynote address. She will discuss the new Governments plans for pensions including a Pensions Review, a Pension Schemes Bill, and a change to pensions tax relief.”
On the agenda for the website, it says: “The new Government has major plans for pensions – a Pensions Review, a Pension Schemes Bill, and much talk of a change to pensions tax relief. Find out more about the Government’s plans for pensions from the first joint HMT / DWP Minister of Pensions.”
David Brooks, Head of Policy at leading independent consultancy Broadstone, said: “The recent announcement of the keynote speech from the pensions minister is notable for its reference to a change of pensions tax relief. This has been something kicking around pensions circles for many years.
“The government will surely want to ensure that the cost of tax relief to the exchequer is deployed appropriately and if there can be cost savings these will be important to realise. Given the complexities that may come with any new system one has to expect a consultation on implementation of this new method. This may come with some changes the language used to ensure people see the benefit to them of saving in a pension.”
