Partnership chief executive Steve Groves has called on the government not to alter pension tax relief and warned that future governments may tax contributions twice.
Speaking at the Personal Finance Society London symposium, Groves said he hoped the government dropped the idea of ISA-style pensions.
He said he was concerned future governments could not be trusted not to change the rules and tax savers twice.
In July the government launched a consultation paper on the future of pension tax relief. Announcing plans for the consultation in his Summer Budget, chancellor George Osborne said ‘pensions could be taxed like ISAs’.
This would mean pension contributions were taxed but growth and withdrawals were tax free. The government will respond to the consultation in the next Budget…Read more at New Model Adviser