With rumours once again swirling around the future of pensions tax relief in the run up to this year's Budget, any reduced incentive for long-term savers could risk further exacerbating the generational divide in pensions, says Tom Selby
HM Revenue & Customs (HMRC) must evaluate the benefits that are provided by pensions tax relief, MPs have said amid concerns the tax office does not understand the impacts.
HM Treasury intends to give tax relief worth hundreds of millions of pounds to those earning over £110,000, it is being reported.
HM Treasury has confirmed that the government will hold its Budget on 11 March.
The government should consider making auto-enrolment (AE) minimum contributions compulsory and removing tax-relief from this sum, Baroness Ros Altmann says.
The Net Pay Action Group (NPAG) is urging the government to deliver on its manifesto pledge to review unfair tax rules in pensions.
The government has rejected the Treasury Committee's call for fundamental and incremental changes to pensions tax relief, noting there is "no clear consensus".