Policy Response

Strengthening the incentive to save: a consultation pensions tax relief

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Strengthening the incentive to save: a consultation pensions tax relief

Published October 2015

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Over the previous Parliament, the Government introduced a series of wide-ranging reforms to the pensions system. 

One further aspect of pension reform that the Government is now considering is ensuring that the right incentives are in place to encourage individuals to save into their pensions. 

In July 2015, HM Treasury therefore opened a consultation to investigate whether there was a case for reforming the system of pensions tax relief in order to strengthen incentives to save and offer savers greater simplicity and transparency, or whether it would be best to keep with the existing system. 

In informing its response, the CIPD launched a survey of its membership which received 115 responses. It also held a specialist focus group of senior HR practitioners, pay and reward experts and academics.