Charlie Weston: UK model on pension tax relief is the one to adopt
Published 21/10/2010 | 05:00
MOVES in the UK to restrict the amount of money that can be put into a pension to get tax relief should be replicated here.
Last week the British government announced that the tax relief on pensions will be limited to combined contributions of both the employee and the employer of £50,000 (€57,000) a year. This is down sharply from the current ceiling, which is five times that.
There had been suggestions that the limit would be nearer £30,000 a year, which would have hit many on relatively modest incomes who had many years of service with their employer.