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Eversheds comment: UK Pension reform - simpler ways available of incentivising people to save

  • United Kingdom

    08-07-2015

    Commenting on changes to the UK pensions system proposed in today's Budget, Francois Barker, head of pensions at law firm Eversheds, says:

    “The Chancellor has announced yet another potentially monumental change to the UK pensions system. However, this time there will at least be consultation. Moving from EET to TEE would be good for the deficit but it would pose another major challenge for schemes and pension providers. It would also add another significant layer of complexity to an already complex system. Whilst I fully support moves to incentivise people to save, there are simpler ways of doing it. Flat rate tax relief is just one example and I hope that this along with the other alternative options are given proper consideration as part of the consultation process that has now begun.”

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