Pensions, savings and investments

Government plans to simplify pensions tax relief have won qualified backing from the Chartered Institute of Taxation (CIOT).

Employers could reduce the benefits available in workplace pension schemes as a result of plans to introduce auto-enrolment for all workers.

A small majority of employers say they support plans to introduce the automatic enrolment of employees into a workplace pension scheme.

The state pension age will need to rise to 72 over the next two decades if the government wishes to peg retirement costs to the public purse at the same level as existed in 1981.

The twin pressures of stubbornly high inflation and low interest rates could render savings accounts obsolete, it has been warned.

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