Five proposals to simplify saving

Britain’s household savings ratio has plummeted to 4.9%, the lowest since records began in 1963. With savings rates falling and the top 1% of earners receiving double the pensions tax relief of half the working population, the time has come to reform the system. The complexity, cost, and inflexibility of the pensions system, combined with widespread distrust of the pensions industry, is putting basic rate taxpayers off saving for their futures with young people, Generation X and Y, increasingly disengaged. ‘Five Proposals to Simplify Saving’ comes as a response to the Government’s recent announcement of a review into pensions tax relief.

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