UK. ‘Give savers a bonus’ to prevent pension poverty
Millions of people have been put off saving for their retirement by the “incomprehensible” pension tax relief system, the think tank argues.
It urges Chancellor Philip Hammond to scrap pension tax relief and replace it with a bonus system which would reward savers for building up funds for old age.
Former pensions minister Baroness Altmann, a campaigner on retirement issues, last night warned that millions face poverty in old age unless the report’s warnings are heeded.
“If we do not incentivise people to save, then they will not have enough to live on later on in life,” she said.
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