Pension Tax Relief

In July 2015 the Government launched a consultation on strengthening the incentive to save. The consultation closed in September and colleagues have been considering responses. At the Budget the Government published a summary of these which can be found here:

Alongside the publication of responses, the Government made clear there was no consensus around making compulsory changes to the pension tax system. The Chancellor has instead provided a different answer to the same problem of getting young people to save enough for their retirement. 

I am pleased that the Lifetime ISA will help people save flexibly for the long-term. It will let them save for a first home and for their retirement, without having to choose one over the other. Up to £4,000 can be saved each year and savers will receive a 25 per cent bonus from the Government.