UK - The Conservative party has pledged £1.7bn a year in pension tax relief as part of a new pension policy which it hopes will incentivise people to save more for retirement.
Unveiling the policy, party leader Michael Howard said for every £100 saved, a Tory government would contribute an additional £10 to the pension pot.
He said the new policy would benefit about 10m low and middle income earners and would hopefully encourage people to save more for their retirement.
“Whereas existing tax relief simply delays tax on the money people put into their pensions, our proposal will cut tax on the contributions made by basic rate taxpayers,” the party said in a statement.
“For a person on average earnings across a working lifetime, this relief could increase the pension received by as much as £500 a year.”
The Conservatives’ policy was launched ahead of the general election on May 5. Under the plan, the £10 contribution would be paid directly into the pension fund.
The party said Britain was sitting on a “pensions time bomb” with a lack of urgent action putting Britons’ long-term security in jeopardy.
Mark Evans has been appointed as a director at Independent Trustee Services (ITS) to lead trustee appointments in London.
The Pension Protection Fund (PPF) is consulting on changes to the actuarial assumptions it uses in valuations in a bid to better reflect the bulk annuity market, with schemes set to move into surplus on aggregate.
Private sector defined benefit (DB) schemes were 96.3% funded on a Pension Protection Fund (PPF) compensation basis at the end of July, according to the lifeboat fund's monthly index.
Conduent has completed the sale of its actuarial and human resource consulting business to private equity investor, H.I.G. Capital.