Occupational Pensions Tax Relief 2024-09-03
2024-09-03
TAGS
Response quality
Questions & Answers
Q1
Partial Answer
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Context
The question arises from the need to assess whether tax relief levels for pension contributions are adequate. This is important for encouraging savings and ensuring decent retirement incomes.
What assessment she has made of the adequacy of the level of tax relief for occupational pension contributions?
The Government encourage savings to ensure decent incomes in retirement through pension tax relief. There is strong cross-party support since 2005, resulting in 11 million more people saving. The Government have launched a pensions review which will unlock billions for the UK economy and increase pension pots by £11,000.
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Assessment & feedback
The adequacy of tax relief levels is not directly assessed.
I Welcome Strong Cross-Party Support
Launching A Pensions Review
Response accuracy
Q2
Partial Answer
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Context
Concerns arise over the potential reduction of tax-free drawdown and tax relief on pension contributions, potentially leading to more pensioner poverty.
Do the Government recognise the importance of workers' saving for their later years? Do they recognise that any moves to reduce the 25% tax-free drawdown or reductions in tax relief on pension contributions would be a disincentive and lead to more pensioner poverty?
For many people who work hard and save for retirement, the money is not enough. Billions of pounds could be unlocked in the UK economy through reforms that could increase pension pots by £11,000. The review aims to ensure a good deal for pensioners and a decent return on investment.
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Assessment & feedback
The potential negative impacts from reductions are not directly addressed.
Unlocking Billions Of Pounds
Increasing Pension Pots By £11,000
Response accuracy
Q3
Partial Answer
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Context
During the election, Labour promised not to increase taxes on working people. Now, questions arise about whether they will confirm no tax hikes on pensions in the upcoming Budget.
Does it now recognise that working people have pensions too and can the Chancellor give those saving for their future peace of mind by confirming that the Government will not increase taxes on pensions in the upcoming Budget?
I am determined to ensure working people are better off. The last Government left a high tax burden, and this Budget aims to fix economic foundations after their mess, rebuild Britain, and make working people better off.
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Assessment & feedback
The confirmation of no tax hikes on pensions is not provided.
Ensuring Working People Are Better Off
Fixing Economic Foundations
Response accuracy