As part of the Budget speech last week, the Chancellor announced the launch of a formal consultation on the structure of UK pensions tax reliefs.
Should changes be made to the current tax relief system, it would be expected that all workplace pension schemes would be impacted, and this would doubtless create additional duties, work and costs for employers in the process. So this consultation is important, and I would encourage employers to respond directly to it wherever possible.
The consultation period only runs until the 30th September, and although this complies with the legal minimums, the timing (coming as it does over the holiday season) will probably result in fewer responses than a consultation of this importance should otherwise expect. So please do take a look and let the Treasury know your views.
The document can be accessed via this link: Strengthening the incentive to save
Should you wish to pass your view via Jelf Employee Benefits, please speak to your usual Jelf Consultant in the first instance.
Best regards
Steve
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