'Messy' net-pay remedy to miss 85% of affected savers

Government estimates low take-up of tax relief top-ups as savers to be asked to apply

James Phillips
clock • 4 min read
Baroness Ros Altmann, who says it is 'disappointing that nothing will change before 2025'
Image:

Baroness Ros Altmann, who says it is 'disappointing that nothing will change before 2025'

Only 15% of those affected by the net-pay anomaly are expected to take up the free cash on offer from the government, Treasury estimates reveal.

As announced in yesterday's Autumn Budget, those impacted by the long-running net-pay issue will be offered a 20% "top-up" to their contributions from the 2024/25 tax year, to be paid the following...

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

James Phillips
Author spotlight

James Phillips

Professional Pensions journalist from 2016-2022

More on Defined Contribution

Hymans Robertson publishes employee benefits report

Hymans Robertson publishes employee benefits report

Most employers are making progress on supporting workforce to improve benefit security and offering

Jasmine Urquhart
clock 26 February 2026 • 2 min read
GAD sets up public sector DC scheme working group

GAD sets up public sector DC scheme working group

Group aims to share knowledge and ‘foster understanding of the challenges’

Jonathan Stapleton
clock 26 February 2026 • 2 min read
Industry calls for whole market approach to FCA pension transfer reforms

Industry calls for whole market approach to FCA pension transfer reforms

Consultation responses suggest proposals risk creating ‘disjointed’ and ‘confusing’ experiences

Martin Richmond
clock 11 February 2026 • 5 min read
Trustpilot