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Monetary advisers have referred to as on Authorities to prioritise pension reforms that will reduce the tax burden on shoppers.
1 / 4 (25%) of advisers surveyed by NextWealth and Aegon stated their highest precedence for the subsequent Authorities could be to scale back the tax burden on shoppers saving for retirement.
An extra 17% of advisers referred to as out for consistency, with 12% searching for a simplification of all laws regarding retirement, funding and taxation.
Steven Cameron, pensions director at Aegon, stated that while latest cuts to NI within the Price range would have been welcomed by advisers they don’t go far sufficient.
He added that if any political occasion is severe about making planning for retirement and supporting pensioners a precedence, they should make their coverage proposals clear inside their manifestos for the upcoming election.
He stated: “Advisers are additionally very aware of the complexities of the present system. Extra simplification may assist advisers clarify present tax, pension and funding guidelines to their shoppers, whereas extra consistency would enhance their means to advise on long run monetary planning. The way forward for the pensions Lifetime Allowance shall be entrance of thoughts with the Labour Get together stating it will reintroduce this in some type if in Authorities.
“In gentle of the significance of longer-term planning for retirement, we urge all political events to set out future coverage proposals of their upcoming election manifestos. It’s very important that politicians keep away from fixed change or pointless disruption relating to planning for retirement. Monetary advisers throughout the nation need to assist their shoppers to ‘do the appropriate factor’ and make well-informed choices about securing their monetary future. Complexity and fixed change – be it fixed tinkering or radical overhauls – makes this far tougher to attain.”
NextWealth performed analysis for the 2024 Managing Lifetime Wealth: retirement planning within the UK report in November 2023 with 200 monetary advisers.
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