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ABI rethinks plan to close savings gap

The ABI has revamped one of its key proposals to close the savings gap, cutting to £100m from the original £500m it wants the Government to spend on tax breaks for employers which provide their staff with access to financial advice.

Presented as part of a package of measures to persuade people to increase saving at its first Saver Summit last week, the ABI says if the Government spends £100m on tax credits it will be able to close the savings gap by £2bn.

It has changed its focus for the initiative from all employers to those with fewer than 500 staff. It has also decided access to an IFA once every five years rather than every two years is sufficient.

The ABI also detailed its proposals for a pension contribution tax credit, giving small employers a 1 per cent rebate on their National Insurance Contributions in return for making a 5 per cent salary contribution to a pension scheme.

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