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ABI asks Goverment to &#39keep open mind&#39 on lifetime cap

The ABI has urged the government to &#39keep an open mind&#39 about the level of the lifetime cap but welcomed the moves to simplify the pensions tax regime from 8 down to 1 contained in the pre-Budget report.

ABI director general Mary Francis says: “Simplifying the pensions tax regime is essential to encourage more people to save for retirement. We hope the Government will keep an open mind about the level of the lifetime cap until it has seen the results of the NAO study. But it is essential that decisions are taken very quickly if April 2005 is to remain a realistic start date.”

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