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Catch up with the latest press releases from LV=

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LV= Applauds Government on New Simpler Pension Tax Relief System

Press release: 14/10/2010

  • LV= pleased with higher than suggested annual allowance

  • But believes removing lifetime allowance would have simplified system further

Following today’s announcement from the Treasury on pension tax relief, Ray Chinn, LV= head of pensions comments:

“In the current economic environment, we recognise it is important to strike a balance between the cost to the government of pension tax relief and the desire to encourage people to save for retirement. These proposals will be simpler for individuals to understand than the proposals put forward by the previous government, and they also acknowledge the need for flexibility by allowing individuals to offset contributions against unused allowances from previous years. We also understand that individuals will be able to continue to claim tax relief at their full marginal rate, this remains a valuable incentive for pension saving.

“We suggested in our response to the consultation that a higher level of annual allowance would benefit pension savers and are pleased that the government shared this line of thinking by raising the amount to £50,000 from the originally suggested £30,000.

"We did also, however, believe that there was scope to simplify things further by removing the lifetime allowance, but accept that a higher than suggested annual allowance will help avoid pension savers being discouraged.

“LV= is committed to working with the government to create an environment that encourages people to save toward their retirement and that treats pension savers fairly across all areas of society.

"We would continue to urge the government to implement these proposals in as simple a way as possible, as additional complexity will act as a barrier to future pension saving, which is in no-one’s best interests.”

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About LV=
LV= is a registered trademark of Liverpool Victoria Friendly Society Limited (LVFS) and a trading style of the Liverpool Victoria group of companies.

LV= employs around 4,000 people, serves over 3.8m customers and members, and manages around £9.5bn on their behalf. We are also the UK’s largest friendly society and a leading mutual financial services provider.

LVFS is authorised and regulated by the Financial Services Authority, register number 110035. LVFS is a member of the ABI, the AFM and ILAG. Registered address: County Gates, Bournemouth BH1 2NF.