Unveiling the Hidden Impact: Pension Shifts for the Young and Ambitious
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Pensions and Tax: Potential Changes in the Budget
As the Budget approaches, speculation is rife about potential changes to pension tax relief. The government is facing pressure to raise revenue, and pensions are seen as a potential target.
Options for Raising Revenue
One option is to make employers pay National Insurance (NI) on the money they put into workers' pensions. This could raise billions of pounds for the government, but it would also reduce the incentive for employers to contribute to pensions.
Another option is to change the way pensions are taxed. Currently, money saved in a pension does not count towards inheritance tax. This could be changed, which would raise revenue but also make it more difficult for people to pass on their wealth to their loved ones.
Impact on Workers
Any changes to pension tax relief would have a significant impact on workers. Those who are just starting out in their careers could see their pension savings reduced, while those who are nearing retirement could see their income in retirement fall.
Conclusion
The government is facing a difficult decision. It needs to raise revenue, but it also needs to ensure that the changes it makes do not have a negative impact on workers. The Budget will be closely watched for any announcements on pension tax relief.
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