Commenting on today’s Budget, Adrian Boulding, Director of Policy NOW: Pensions said: “It’s extremely disappointing that the Chancellor has chosen to continue to ignore the 1.2 million low earners in ‘net pay’ schemes who are missing out on tax relief on their pension contributions through no fault of their own.
“One of the headline benefits of saving into a workplace pension is when you pay in, the government pays in too. But, in net pay schemes, lower earners who don’t pay income tax don’t receive the government top up they would have received had they been paying into a ‘relief at source’ pension scheme.
“This isn’t just a quirk of the tax system but something that affects working people’s living standards. The government must act urgently to end this injustice ensuring that all low earners receive tax relief regardless of which type of scheme they are in. We will continue to press for action until our voice is heard.”
More information
| Samantha Gould – NOW: Pensions Email: pressoffice@nowpensions.com | Instinctif Partners Email: nowpensions@instinctif.com | Fenella Cuthbert – Cicero/AMO Tel: 0207 947 5327 Fenella.Cuthbert@cicero-group.com |