Karen Barrett, chief executive of unbiased.co.uk, comments on Steve Webb's suggestion of a flat rate tax relief on pensions

“If these proposals for a flat-rate tax relief on pension contributions go through we’ll see a more streamlined system, and this should make it easier for people to understand how tax relief works. Our research with Prudential found that an additional £2.9 billion could be saved annually in tax as a result of more people taking better advantage of the pension tax breaks available. 

“Ultimately, putting the spotlight on pensions will mean people are more engaged and active in planning for their retirement, and although this proposal should go some way to encourage more basic rate tax payers to save, I really hope that if it comes to pass it won’t discourage higher rate tax payers from saving into pensions – it’s still the most effective vehicle for saving for retirement.

“This is yet another change in a long string of reforms to the pensions regime. An independent financial adviser is the best option for anyone looking for help to understand and manage their retirement finances in this new and potentially confusing landscape.  Unbiased.co.uk has the most comprehensive database of independent advisers who can give advice on saving for retirement, and on making the most of your money when you do retire.”

ENDS

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With over one million visitors a year, unbiased.co.uk is the UK's biggest and most versatile search for regulated and independent advisers. We enable consumers and businesses to find the best financial and legal advice from a choice of over 24,000 IFAs, financial advisers, mortgage brokers, solicitors and accountants. We also make it easier to find the right advice by providing information, insights, tools and other resources to facilitate consumer choice.

The unbiased.co.uk website launched in 1998 and rapidly became the UK’s leading adviser search. It is now the default adviser directory for websites that point users towards professional advice.

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