Certainty on pensions taxation top priority for advisers
Royal London, the UK’s largest life, pensions and investment mutual has found advisers are more interested in certainty over taxation than any of the other recent pension consultations.
When asked which area of government policy and regulation was of most interest to them and their clients, 61% of the 99 advisers on the Royal London research panel who responded, want certainty on pension taxation. Coming some way down the list was improving support with retirement choices at 12%, while providing certainty on long term care funding came third with 10%.
The recently closed consultation on small pension pots was not a priority for respondents, with only 4% choosing it as most important.
Jamie Jenkins, Director of Policy, Royal London, said: "The results of this poll are quite striking, but appear to confirm what we hear from so many advisers at the moment. The uncertainty of such differing positions on the taxation of pensions between the two main political parties is creating real problems for clients trying to plan their retirement.
"Pensions taxation has been an area of constant change, with allowances moving up and down, often with little warning. It would be good to set a clearer strategy – ideally one with cross-party support – as to how pensions should be taxed, allowing people to plan for later life with confidence."
Notes to editor
The Royal London research panel poll was open from Wednesday 30th August to Wednesday 6th September 2023. 99 advisers responded to the following question:
Which of the following areas of government policy and regulation on pensions is of most interest to you and your clients?
|Providing certainty on pensions taxation
|Improving support with retirement choices
|Providing certainty on long term care funding
|Dealing with small pension pots
|Reviewing the advice / guidance boundary
|Increasing automatic enrolment contributions
|Implementing the Pensions Dashboard
|Introducing Collective DC schemes
|Investing in illiquid assets
For further information please contact:
Patricia Corrigan, PR Manager
About Royal London
Royal London is the largest mutual life, pensions and investment company in the UK, and in the top 25 mutuals globally, with assets under management of £153 billion, 8.6 million policies in force and over 4,100 employees. Figures quoted are as at 30 June 2023. Learn more at royallondon.com.
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