Home > News > 2010 > June 2010 > Emergency Budget 2010
Emergency Budget 2010
The pensions industry, including myself, has been clamouring for a change to the punitive age 75 rules for some time and has also been irritated by the unnecessarily complex way in which the last Government went about restricting tax relief on pensions.
It is good news then that the current Government has committed to removing the requirement to secure income by age 75 and not only that has now brought in transitional rules to help those who will reach age 75 in the meantime.
I applaud the Government for reviewing the rules restricting tax relief that were rushed in to legislation earlier this year before the dissolution of Parliament. The then Government brushed aside genuine industry concerns that the system would be unmanageable . I hope that a simple but fair solution can be found, and we should perhaps prepare ourselves for annual contribution limits broadly similar to the old personal pension regime.
The best news, though, is that there is real belief that the pension system might once more become attractive by virtue of its simplicity.
Andrew Roberts
Partner, SSAS & SIPP