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Centre for Policy on Ageing | |
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Simplification is the key
— stimulating and unlocking long-term saving | | Author(s) | Michael Johnson |
| Corporate Author | Centre for Policy Studies |
| Publisher | Centre for Policy Studies, London, 2010 |
| Pages | 97 pp |
| Source | Centre for Policy Studies, 57 Tufton Street, London SW1P 3QA. PDF at: http://www.cps.org.uk/index.php?option=com_content... |
| Keywords | Pensions ; Savings ; Social policy ; Conservative. |
| Annotation | The pensions and savings industry has suffered an erosion of trust, fuelled by mis-selling scandals, excessive costs and a long period of poor investment returns. This paper makes 16 proposals to help simplify saving and improve flexibility. These involve bring individual savings accounts (ISAs) and pensions closer together, while enhancing incentives to save. It also discusses four alternatives for a unified tax framework for ISAs and pension savings products. An annual contribution limit of £45,000 is proposed for all tax-incentivised saving, along with limited pre-retirement access to pension savings. Among other proposals are: broadening auto-enrolment of savings to include ISAs; allowing pensions assets to be bequeathed free of inheritance tax; and addressing gender inequality for example by allowing couples to contribute to each other's pension savings. The author considers the perspectives of, and implications for, savers, employers, the pensions and savings industry and HM Treasury. The report is based on the author's detailed consultation with politicians from the major parties and with leading experts. (RH). |
| Accession Number | CPA-101102001 B |
| Classmark | JJ: JDD: TM2: VL2 |
Data © Centre for Policy on Ageing |
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| ...from the Ageinfo database published by Centre for Policy on Ageing. |
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