Employee Rewards and Benefits News
Pensions are 'primary concern' for working people
The pre-Budget report for 2009 revealed the government's plans to continue restrictions on higher rate tax relief of pension contributions for those earning more than £150,000, though now with a catch: this amount also includes employers' pension contributions.
Karen Barrett, the chief executive of unbiased.co.uk, responded to the announcements put forward by the government, with pensions being the priority topic listed.
She said: "Our research shows personal retirement planning is a primary concern for consumers and over the last three years, it has been the biggest driver for those seeking expert advice from an independent financial adviser."
This is justified, she believes, by figures from last month alone which showed that over a third of people searching for a local independent financial adviser on the website were looking for aid with personal retirement planning and this is only expected to continue.
People who, prior to the inclusion of employer pension contributions, have incomes below £130,000, will not have pension tax relief restricted other than by existing annual and lifetime allowances, the government also revealed earlier this month.
Posted by Michael Ewing
