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ABI responds to comments today from Ed Balls on restricting pensions tax relief

Shadow Chancellor Ed Balls today proposed to restrict pensions tax relief for the highest earners to the same rate as for the average taxpayer, in his speech at the Labour Party conference.

Commenting on the proposals, Otto Thoresen, Director General, Association of British Insurers, said:

"The pensions industry wants to explore how the current pensions tax relief system can be made to work more effectively to help incentivise the maximum number of people, especially those on low to middle incomes, to save for their retirement.

"To achieve this goal changes must be fair and simple, straightforward to implement, command political consensus, and be cost-effective. We have already kicked off a debate among stakeholders about how this can be achieved, and will engage with Labour on its proposals."

Last updated 01/07/2016