The Pensions Policy Institute (PPI) has suggested a single rate tax relief of 30% would encourage more basic rate taxpayers to save for retirement with little cost to the government.
Low earners pay around 50% of pension contributions but receive just 30% of tax relief, while higher earners make 40% of total contributions and receive 50% tax relief. PPI director Chris Curry said:...
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Royal Bank of Scotland (RBS) faces a £102m impact on liabilities as a result of equalising guaranteed minimum pensions (GMPs), according to its annual results.