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Broker Talkback

Will the cuts to higher-rate tax relief on pension contributions for those earning more than £150,000 have a damaging effect on pension saving?

No 50%
Yes 50%

Yes “This is just adding another layer of complexity on top of complicated pension legislation.”

Stephen Heath, Stephen J Heath

No “I don’t think it will make a great deal of difference because for people on that sort of salary a large proportion will be company contributions or employer contributions.”

Greg Golding, R&S Associates

Yes “Any time you scrap tax relief. it has a damaging effect. The whole point of tax relief was to encourage people to make their own provisions for retirement rather than relying on the state but this will take away the incentive to save.”

Gary Stirling, Stirling Independent

No “With the economy as it is, a lot of high-earners’ income has been hit, so we were not expecting to see any increases in contributions.”

Adam Bell, Bruce & Partners Harpenden

No “I do not think it will have a massive impact and I doubt that Labour will be in power long enough to implement it anyway.”

Jamie Gallagher, Foresight Independent Financial Planning

Yes “I have not got many clients who would be directly affected by this but any measure which takes away from pension savings has a negative impact in my view.”

Chris Hobbs, Chris Hobbs Financial Services

No “Those who have that level of income will be sophisticated people who will find other loopholes so I do not think it will make any difference.”

Kathryn Barker, Tony Revans Financial Planning

Yes “It has to. Despite what they have done with Isas, I believe the Government has sent out a really poor message.”

Jeremy Davis, 35 Finance

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