Govt rules out pension tax relief review

Rachael Griffin, tax and financial planning expert at Quilter, warned against making rash decisions when it comes to cutting tax relief so savers aren’t unnecessarily penalised.

She said: “It is important the government don’t allow their enthusiasm for fiscal prudence to cloud their judgement. Reforming tax reliefs may save them money in the short term, but it is critical to make careful decisions to avoid any damaging long-term impacts.

“Another formal review of pension tax relief has been deemed unnecessary. 

“A number of investigations have been conducted into the system of incentives for retirement saving already, and we never seem to be far away from speculation that the chancellor may pare back its generosity.”

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