The Liberal Democrats have promised to launch a review of pensions tax relief with an aim of introducing a single rate if they win the snap general election.
The political party's manifesto, published today, pledged to "establish a review to consider the case for, and practical implications of, introducing a single rate of tax relief for pensions, which would be designed to be simpler and fairer and would be set more generously than the current 20% basic rate relief".
The tax relief system is currently based on income tax rates, meaning higher rate taxpayers receive a higher amount of tax relief on their pension contributions. The system has previously been described as regressive, and many have called for it to be reformed.
Tim Farron's party also promised to "abolish remaining marriage inequalities in areas such as pensions", suggesting the party may seek to equalise death benefits for same-sex couples.
At present, defined benefit (DB) schemes only have to pay out survivor entitlements accrued since the introduction of the Civil Partnership Act in 2005.
The party also reaffirmed its previously announced commitment to retain the triple lock protection for the state pension - which guarantees annual increases at the highest of 2.5%, average earnings, or the consumer price index (CPI) - until the end of the next parliament, currently scheduled for 2022.
The party earlier this month announced the policy, estimated to increase by £722 per year by 2021, stating it would be funded by withdrawing access to the winter fuel allowance for wealthy pensioners.
Under a Liberal Democrat government, employees could also see, "in the long term, and as resources allow", the national insurance (NI) threshold raised to the same level as the income tax threshold, while pension and benefit accrual is protected.
The Lib Dems' manifesto follows Labour's, which was published yesterday, and comes ahead of the Conservative Party's manifesto launch tomorrow. PP has rounded up all the pension policy positions which we know so far.
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