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"Political cycles are short when compared to a lifetime of saving" - ABI responds to IFS report

Responding to today’s election analysis by the Institute of Fiscal Studies (IFS), Huw Evans, Director General at the Association of British Insurers (ABI), said:

Huw Evans, ABI Director General"The IFS is right to highlight the importance of stability and predictability in the pensions tax system in its hard-hitting analysis. All we have had in this election campaign so far are proposals to raid pensions tax relief to fund policies such as tuition fees and inheritance tax with no debate at all about how best to reform the system to ensure people save more. This isn’t good enough and reinforces the need to put longer term savings strategy at arms-length from short term political considerations.

“Decisions about tax always have to be the prerogative of elected ministers in a democracy. But political cycles are short when compared to a lifetime of saving for retirement. We need to see much greater emphasis on the benefits of a reformed and stable system of tax incentivisation of pensions so that today’s workers can save for the future with greater certainty."

Last updated 01/07/2016