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Pensions cap concession not enough – Mellon

Despite the Chancellor&#39s move to appease the industry by raising the pensions cap from £1.4m to £1.5m financial services provider Mellon Financial Corporation&#39s human resources & investor solutions group believes the cap will still have a detrimental effect on middle management.
Mellon HR& IS head of technical services Kevin LeGrand believes that Brown&#39s move to up the lifetime limit and made way for the allowance level to be reviewed in the coming years indicated that the Chancellor had listened to some of the industry&#39s concerns.
Le Grand says: “The need for a lifetime limit to exist at all must be properly examined as it will undoubtedly have a major impact on the middle management tier of the workforce that is so important to the UK economy.”

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