BusinessCompany NewsPension tax schemes to be simplified

Pension tax schemes to be simplified

Tomorrow's pensions green paper will concentrate on simplifying the over-complex tax regime in an attempt to persuade people to save more for retirement.

Link: Known fault caused Revenue pensions woe

The present system includes eight different tax schemes and, although complicated, cutting them down into one will not come without its problems.

This could include some people losing their rights to higher lump sums, or different benefit levels.

Despite the measures the paper is set to create a huge amount of disappointment in the industry. Many workers are being moved from final salary schemes into money purchase products, where the employers will ultimately contribute less.

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