Budget 2015: ISAs and pension tax relief
Association of British Insurers
ABI responds to the Chancellor's announcements on ISAs and pension tax relief.
On the Chancellor’s announcement in the Budget today about flexible ISAs and Help-to-Buy ISAs, Yvonne Braun, Director of Long Term Savings Policy at the ABI comments:
“We welcome the announcements for more flexible ISAs and help-to-buy ISAs. These measures should help re-build a savings culture in the UK, which is critical for people’s financial wellbeing. Helping people build up their savings is the best way to make sure they really have freedom and choice in retirement.
The help-to-buy ISA rightly recognises that housing is a very important part of people’s assets over their lifetime which should form part of savings policy.”
ABI also responded to the reduction of the lifetime allowance which was announced by the Chancellor in today’s Budget, with ABI's Director, Huw Evans saying:
"Pension providers support reform of pension tax relief but three piecemeal cuts to the current system in five years is the wrong way to go about it. We need a fundamental review of the whole system to make it fairer and to deliver long-term stability for people doing the right thing by saving for their retirement."
