TISA calls for more progressive pensions tax relief
The Tax Incentivised Savings Association (TISA) has urged the government to make the tax treatment of pensions more progressive as one of several measures to encourage people to save.
The suggestion is made in the first a series of papers which have been developed under its The Savings and Investments Policy project in response to a Treasury consultation on overhauling tax relief.
The organisation also said getting self-employed people into pensions and helping young people to save were areas the government should look at.
TISA policy strategy director Adrian Boulding (pictured above) said: "The first year of this parliament presents an opportunity to be bold, engage in debate and ensure the pensions system works for both present and future generations.
"Our proposals address how to tackle the on-going savings crisis and raise retirement savings levels for all people, which will in turn increase the amount of money available to invest in UK Plc, thereby supporting wider economic growth."
TISA's project has also worked with the Wisdom Council, a consumer group, to test the proposed policies with savers and investors.
It found the more employers and the government contributed to pensions, the more motivated employees were to contribute to their retirement themselves.
It also found 41% believed they knew the size of the pension pot they would need but 53% did not know how much should be contributed each month to reach their goal.
Meanwhile 38% wanted young people to have access for a house deposit but 66% wanted access limited until 55 and above.
The Treasury consultation closes on 30 September.
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