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Taxation of Retirement Savings

This Working Party is looking at the taxation of savings that are earmarked for retirement

This working group is looking at the taxation (including National Insurance treatment) of savings that are earmarked for retirement and the impact of changes in the system which may be considered.

Key objectives:

  • The analysis will include a broad definition of savings vehicles, not just pensions, including ISA-style pensions and owner-occupied/buy-to-let property
  • The analysis will consider macroeconomic, individual and cross-generational implications including:
    • The financial implications of various taxation regimes for individuals, government and society
    • The motivation for saving for retirement within each taxation regime and the relative attractiveness for various socio-economic groups
    • Likely behavioural implications for individuals and employers of changing to alternative systems
  • The group will develop a model for the individual impact of different tax systems

Outputs:

  • Article on how the pension tax system coud be updated to improve inter-generational equity - Intergenerational Fairness Bulletin 2 May 2017
  • Initial analysis of how to improve fairness and efficiency of tax treatment of retirement savings - Presentation to Risk, Investment and Pensions Conference June 2017
  • Analysis of models for flat rate pensions tax relief proposed paper 2017/18
  • Creating sustainable incentives for retirement savings for millenials proposed presentation Momentum Conference November 2017
Chair: Philip Darke
Membership: 5
Established: 2016

Related documents

Contact Details

For more information about Pensions working parties contact the Communities Team.

professional.communities@actuaries.org.uk

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