First, design a better savings policy with clear rules that encourage people to set aside significant levels of wealth for their retirement. Then, leave these rules alone so that pension and savings planning doesn’t become an annual routine to reassess what is and isn’t permissible – this task only benefits financial advisers. As a minimum, reintroduce tax relief for all earners or encourage larger pots of tax-free pension savings in any tax year.
Even better would be to extend compulsory auto-enrolment for all employees and include national insurance contributions in workers’ individual pension pots.
Read the full article on Portfolio Institutional