Jory wants 30% relief for all
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Nicola York
B&CE deputy chief executive John Jory has called on the Government to bring in 30 per cent flat rate-tax relief on pensions and raise state pension age to 80.
At a fringe event hosted by B&CE and the Social Market Foundation, Jory said it should be individuals' responsibility to provide their own income until 75 or 80, which would allow the state pension to offer a much higher income.
He said a flat rate of tax relief of 30 per cent for all levels of income would encourage low to moderate-earners to save. He called for an independent pensions commission to focus on long-term strategy, similar to the monetary policy committee.
Jory said: "We would not have open-ended annuities, we would know we had to provide for ourselves until a specific age and then the state would kick in."
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