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UK Consults On Freeing Up Pensions Savings

by Amanda Banks, Tax-News.com, London

15 December 2010


The UK Financial Secretary to the Treasury, Mark Hoban has announced the launch of a consultation on proposals to allow early access to pension savings.

As set out in the Coalition Agreement, the UK government has said it is committed to exploring whether early access to pension savings could provide an incentive to encourage higher levels of private pension saving.

Hoban said on December 13 that the government is now keen to receive evidence on the potential benefits and risks of allowing taxpayers early access to pension savings, how it could be offered, and to what extent a reform would be welcomed by pension schemes, providers, individuals and other interested parties. The government will make a decision on whether to develop more detailed proposals in this area in light of the responses received, Hoban said.

“The government is committed to encouraging saving and wants to give individuals the maximum flexibility and responsibility to save for retirement. Early access is an idea we are keen to consider, and so today we ask pension schemes, providers and individuals to offer their evidence on the possible merits of any reform in this area,” Hoban stated.

The launch of the consultation, Hoban explained, follows the publication last week of draft legislation and a summary of responses on removing the requirement to annuitize pension savings by age 75.

A comprehensive report in our Intelligence Report series titled "The Lowtax International Pensions Report" which has an in depth view on The Mechanics of Pensions Provision, 'High-Tax' Country Pension Regimes and 'Lowtax' Jurisdictions In Which To Locate Pensions Savings, is available in the Lowtax Library at http://www.lowtaxlibrary.com/asp/subs_reports.asp and a description of the report can be seen at http://www.lowtaxlibrary.com/asp/description_report14.asp
TAGS: individuals | tax | business | pensions | fiscal policy | retirement | United Kingdom | legislation

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