£2.4bn increase in cost of pensions tax relief

But lifetime allowance charges increase by 11% on previous year

Martin Richmond
clock • 3 min read
£2.4bn increase in cost of pensions tax relief

The gross cost of providing tax relief on pensions contributions has increased by £2.4bn for the period of 2020/21, according to Lane Clark & Peacock (LCP) analysis of HM Revenue & Customs data.

The consultant said that, according to HMRC figures published today (28 September), the gross cost of tax relief on pension contributions cost the government £44.1bn, compared to £41.7bn for the ye...

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

ITN scheme appoints Van Lanschot Kempen as fiduciary manager

ITN scheme appoints Van Lanschot Kempen as fiduciary manager

VLK appointed to oversee investment strategy of more than 1,300 members of the scheme

Martin Richmond
clock 01 September 2025 • 2 min read
APPT publishes Pension Schemes Bill call for evidence

APPT publishes Pension Schemes Bill call for evidence

Association says it supports DB surplus release where schemes are ‘demonstrably well-funded’

Martin Richmond
clock 01 September 2025 • 5 min read
Nikko Asset Management rebrands to Amova AM

Nikko Asset Management rebrands to Amova AM

Japan-headquartered firm says rebrand will not impact ownership

Jasmine Urquhart
clock 01 September 2025 • 1 min read
Trustpilot