UK - Compulsory pension contributions by employers and employees are backed by nearly two-thirds of the public, a major new study shows.
The survey – Work Retirements and Pensions Index – was carried out by opinion research agency YouGov in conjunction with Ros Altmann, the government’s independent pensions adviser.
Findings show that 64% of the 6000-plus people who responded backed compulsory employee contributions and that 79% supported compulsory employer contributions into occupational pension schemes.
Inland Revenue proposals to tax lump sums were opposed by 92% and almost as many supported money-back annuities.
Moves to increase the retirement age to 70 were opposed by 80% and 57% thought that everyone should get the same amount of tax relief for the same contribution.
Again while 39% favoured cash payments into their pension rather than tax relief, 22% said that they would prefer to retain tax relief.
A further 61% said they would contribute more if the government offered to match pension contributions pound for pound.
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The Department for Work and Pensions (DWP) has released its first batch of guidance setting out how the guaranteed minimum pension (GMP) conversion legislation may be used to resolve unequal payments.
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