TISA Budget 2015 Response
Responding to the Budget announcement that the pension lifetime allowance is to be reduced to £1m David Dalton-Brown, TISA Director General said:
“The government has done much to re-invigorate consumer interest in retirement savings with its pension reforms. It would be a shame if a reduction to the lifetime allowance put this in jeopardy. As a nation we need to increase the level of personal savings.
“The Savings & Investments Policy project (TSIP) recently highlighted a warning from the EY ITEM Club that a failure to narrow the savings gap could impede a recovery in UK investment as a share of GDP, so it’s critical we consider the long term consequences of falling pension savings for both the individual and the nation.
“We would prefer government to follow TSIP’s recommendation to discontinue lifetime limits on the pension pot and continue annual contribution limits that determine the level of savings that can be put into a pension, this would more closely align with the ISA regime and improve incentives to save into a pension. But whichever option is selected we think that it is imperative that any savings made in pensions tax relief by government are re-invested back into pensions, with the focus on supporting and encouraging lower to middle income earners to save for retirement.”
TISA’s mission is to work with all relevant stakeholders to review, develop and implement effective policies, regulations, products, advice and services; thereby encouraging individuals to have the appropriate savings and investments to support them, and their families, throughout their lives. It has 147 members drawn from every part of the financial services industry and further details of its activities can be found at http://www.tisa.uk.com.
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For further information please contact:
David Dalton-Brown, Director-General, TISA – Tel: 01642 666995
Email: TISA@newgatecomms.com
Issued on behalf of TISA by Newgate Communications
Alistair Kellie – Telephone: 020 7680 6558/Email Alistair.Kellie@newgatecomms.com
Sara Lyons – Telephone: 020 7680 6543/Email Sara.Lyons@newgatecomms.com
Notes for Editors
TISA is a not-for-profit membership association operating within the financial services industry. We represent the interests of over 147 member firms involved in the supply and distribution of savings and investment products and services.
TISA has a highly successful track record in working cooperatively with government, regulators, HMT, DWP and HMRC to improve the performance of the industry and the outcomes for consumers. Policy and regulation continues to be the major focus for our members with regard to corporate responsibility.
TISA and its members’ remit is evolving into a clearer focus on pro-active consultation in the regulatory world in order to influence policy and associated regulation before its creation, rather than reacting to issued policy directives. This will help to ensure a more considered policy creation from the authorities.
Website: www.tisa.uk.com