Feeling nervous about pension provision? You should be. It is no secret that our money-hungry Treasury has earmarked tax breaks on pension savings as a great place to claw back cash. That’s partly because the tax breaks are quite generous and, of course, because very few people understand them well enough to kick up a huge fuss if they are fiddled with.
A new Institute of Fiscal Studies (IFS) report makes the point depressingly well. It notes that around 75% of contributions to UK pensions escape national insurance contributions (NICs) altogether. Why? Because they are paid into schemes by our [...]
Want to read this article now?
Already a MoneyWeek subscriber? Please log in below.
Not a subscriber? Sign-up now for a 3 week FREE trial to get instant access.