UK - Introduction of flat rate tax relief could boost stakeholder provision by up to seven times, B&CE claims.
B&CE – the employee benefits provider for the construction industry – said a 30% rate would be revenue neutral for the government and give lower earners a greater incentive to save for their retirement.
It claims higher-rate taxpayers will continue to save for retirement even if less relief is provided.
Deputy chief executive John Jory said: “This move will encourage lower to moderate earners to save for their retirement.
“However it should not act as a big disincentive for higher earners to keep saving.”
B&CE said it was important to concentrate on the lower-paid because they were the people who would fall back on the state in later life.
B&CE provides benefits for more than 200,000 individuals, has membership of nearly 8000 employers and has funds under management in excess of £1bn.
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