£41bn tax relief cost is 'no excuse' for Budget raid

HMRC figures revealed the cost of pensions tax relief increased by more than £4bn in 2019/20

Holly Roach
clock • 4 min read
The increase is largely due to the rise in AE minimum contributions
Image:

The increase is largely due to the rise in AE minimum contributions

The cost of pensions tax relief has increased by more than £4bn to £41.3bn, according to HM Revenue and Customs (HMRC).

HMRC figures - published yesterday (30 September) - revealed the ‘gross cost' of pensions tax relief hit £41.3bn in 2019/20, up from £38.2bn the year prior. The figures also showed that tax paid...

To continue reading this article...

Join Professional Pensions

Become a Professional Pensions Lite Member today

  • Three complimentary articles per month covering the latest real-time news, analysis and opinion from the industry
  • Receive important and breaking news stories via our two daily news alerts
  • Hear from industry experts and other forward-thinking leaders

Are you a trustee, investment consultant or in-house pension and benefit scheme professional? You can apply for full complimentary access here

Join now

 

Already a Professional Pensions
member?

Login

More on Industry

Private pension saving could be discouraged by housing benefit system, PPI warns

Private pension saving could be discouraged by housing benefit system, PPI warns

Research finds every £1 of private pension income reduces housing benefit entitlement by 65p

Martin Richmond
clock 29 July 2026 • 4 min read
DC market enters 'new era' as member outcomes increasingly important

DC market enters 'new era' as member outcomes increasingly important

Hymans report states the ‘unifying challenge’ facing the industry is pension adequacy

Holly Roach
clock 29 July 2026 • 4 min read
SPP issues AI governance framework for pension schemes

SPP issues AI governance framework for pension schemes

Trustees should update existing policies to reflect ‘everyday reality’ of operations

Alex Levy
clock 29 July 2026 • 3 min read
Trustpilot