Budget 2010: Treasury admits tax-relief restriction will cost employers £330m

Jonathan Stapleton
clock

HM Treasury has trebled its estimate of the one-off costs that pension schemes, employers and individuals will incur as a result of the tax on higher earners' pension contributions it is introducing from 2011, Towers Watson says.

The consultant said it has also increased its estimate of the annual costs of administering the new tax by more than one quarter. The new impact assessment - published alongside yesteday's Budg...

To continue reading this article...

Join Professional Pensions

  • Unlimited access to real-time news, analysis and opinion from the industry
  • Receive our in-depth monthly magazine in either print or digital format
  • Access our Sustainable Investment Hub covering news and opinion from thought leaders in the ESG space
  • Receive important and breaking news stories selected by the Editors in our daily newsletter
  • Hear from industry experts and other forward-thinking leaders
  • Receive a monthly members-only newsletter with exclusive opinion pieces from leading industry experts and a feature from the magazine in advance of its release date

Join now

 

Already a Professional Pensions member?

Login

More on Defined Benefit

James Staveley-Wadham, Associate Partner Aon

Industry Voice: The buyout holiday

Journey booked. Destination: Buyout. What next?

James Staveley-Wadham, Associate Partner Aon
clock 23 May 2023 • 3 min read
Matthew Fletcher, Associate Partner, Aon

Industry Voice: The conundrum of predicting future longevity

The UK has seen high levels of mortality since the start of the Covid-19 pandemic in March 2020.

Matthew Fletcher, Associate Partner at Aon
clock 08 December 2022 • 4 min read
 University of Cornell

Younger USS staff to lose up to £200,000 in retirement

University and College Union cites ‘damning evidence’ published this week

Hope William-Smith
clock 17 June 2022 • 2 min read
Trustpilot