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Gregg McClymont hints at pensions tax relief reform

Shadow pensions minister Gregg McClymont has signalled Labour is likely to propose new pension tax relief reforms.

The Pensions Policy Institute published a paper in July with options for reform including the possibility of a flat 30 per cent tax relief rate. The Treasury and Association of British Insurers have also called for a debate on tax relief

Labour is already proposing a cut to top rate pensions tax relief from 45 per cent to 20 per cent for those earning over £150,000, but responding to a question from Money Marketing, McClymont hinted he could go further.

McClymont said: “There is quite a lot of movement on tax relief in terms of the public debate. In terms of Labour’s position before the next election it is case of watch this space.

“With the ABI’s recent tonal shift on tax relief and the PPI paper there is a greater focus on the decile distribution of tax relief and looking at how skewed it is to the top two deciles. Perhaps it isn’t the best way to spend tens of billions of pounds every year in public subsidy for savings. I think that debate is going to continue but I can’t say more at this stage.”

ABI director general Otto Thoresen, also at the event, said: “We are ready for a debate on this.

“The main thing is to have confidence in the system and not keep moving the goalposts if you are asking people to save for many years. Until we get something settled on tax relief it is going to be an enormous distraction.”

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