Budget 2010: Treasury admits tax-relief restriction will cost employers £330m

Jonathan Stapleton
clock

HM Treasury has trebled its estimate of the one-off costs that pension schemes, employers and individuals will incur as a result of the tax on higher earners' pension contributions it is introducing from 2011, Towers Watson says.

The consultant said it has also increased its estimate of the annual costs of administering the new tax by more than one quarter. The new impact assessment - published alongside yesteday's Budget...

To continue reading this article...

Join Professional Pensions

Become a Professional Pensions Lite Member today

  • Three complimentary articles per month covering the latest real-time news, analysis and opinion from the industry
  • Receive important and breaking news stories via our two daily news alerts
  • Hear from industry experts and other forward-thinking leaders

Are you a trustee, investment consultant or in-house pension and benefit scheme professional? You can apply for full complimentary access here

Join now

 

Already a Professional Pensions
member?

Login

More on Defined Benefit

Northumbria University staff vote for strike action over pension plans

Northumbria University staff vote for strike action over pension plans

UCU says university’s plans to move staff to USS is ‘attack on long-term retirement security’

Martin Richmond
clock 26 January 2026 • 2 min read
Most DB members open to run-on, Hymans Robertson finds

Most DB members open to run-on, Hymans Robertson finds

Firm says trustees should promote open communication to address any concerns

Jasmine Urquhart
clock 20 January 2026 • 2 min read
DB aggregate surpluses see £31bn year-on-year rise, XPS finds

DB aggregate surpluses see £31bn year-on-year rise, XPS finds

DB:UK Funding Watch finds DB schemes ended 2025 in a ‘strong financial position’

Martin Richmond
clock 19 January 2026 • 1 min read
Trustpilot