IFoA comments on UK Budget announcement to change pensions tax saving

On the Government’s plans to consult on changes to the system of tax relief for pensions, Fiona Morrison, President of the Institute and Faculty of Actuaries (IFoA) said:

“We welcome the Chancellor’s announcement today to proceed gradually and consult on possible changes to the pensions tax relief system.  It is important that any system is simple and develops an enthusiasm to save for older age while avoiding unintended consequences.  

“As people are living longer in retirement it is important any changes do not discourage saving sufficient income to allow for adequacy of income in retirement.   The system should also be transparent and help individuals understand how much they need to save to fund older age.

“The IFoA looks forward to working with Government and industry on these very important issues.”

~ENDS~

For further comment or to answer any questions that you may have please contact Annette Heninger, Media Relations Manager at the IFoA, on 07525 592 198 or by emailing annette.heninger@actuaries.org.uk.  

Editorial notes:

About the Institute and Faculty of Actuaries

The Institute and Faculty of Actuaries (IFoA) is a royal chartered, not-for-profit, professional body. 

Research undertaken by the IFoA is not commercial.  As a learned society, research helps us to fulfil our royal charter requirements to further actuarial science and serve the public interest.  

Actuaries provide commercial, financial and prudential advice on the management of a business’s assets and liabilities, especially where long term management and planning are critical to the success of any business venture. They also advise individuals, and advise on social and public interest issues.

Members of the IFoA have a statutory role in the supervision of pension funds and life insurance companies. They also have a statutory role to provide actuarial opinions for managing agents at Lloyd’s.

Members are governed by the Institute and Faculty of Actuaries. A rigorous examination system is supported by a programme of continuing professional development and a professional code of conduct supports high standards reflecting the significant role of actuaries in society.

The IFoA is available to provide independent expert comment to the media on a range of actuarial- related issues, including enterprise risk management, finance and investment, general insurance, health and care, life assurance, mortality, and pensions.