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1125658
star this property registered interest false more like this
star this property date less than 2019-05-09more like thismore than 2019-05-09
star this property answering body
Treasury more like this
star this property answering dept id 14 more like this
unstar this property answering dept short name Treasury more like this
star this property answering dept sort name Treasury more like this
star this property hansard heading Public Sector: Pensions more like this
star this property house id 1 more like this
star this property legislature
25259
star this property pref label House of Commons more like this
star this property question text To ask the Chancellor of the Exchequer, if he will make an assessment of the potential merits of (a) removing and (b) raising the lifetime pension cap for public sector employees. more like this
star this property tabling member constituency South Antrim remove filter
star this property tabling member printed
Paul Girvan more like this
star this property uin 252614 more like this
star this property answer
answer
star this property is ministerial correction false more like this
star this property date of answer less than 2019-05-15more like thismore than 2019-05-15
star this property answer text <p>The Government is committed to public service pensions which are fair to workers and fair to other taxpayers. Public service workers are entitled to defined benefit pension schemes, which are among the best schemes available. Since 2010, the Government has made reforms to limit pensions tax relief for those on the highest incomes that save over £6 billion per year, and are necessary to deliver a fair system and protect the public finances.</p><p> </p><p>The pension tax rules apply equally across all registered public and private sector defined benefit schemes. In April 2016, the lifetime allowance (LTA) was reduced to £1,000,000. However, from April 2018 it has increased in line with CPI. This means for 2019-20 the LTA increased to £1,055,000. This allows savers to continue to make significant amounts of pension savings tax-free, while ensuring incentives to save are targeted across society.</p><p> </p><p>The LTA affects only the wealthiest pension savers. Around 95 per cent of individuals currently approaching retirement have a pension pot worth less than the LTA, while the median pension pot for individuals approaching retirement is around £170,000.</p><p> </p><p>The Government does keep all aspects of the tax system under review through the annual Budget process, in the context of the wider public finances.</p>
star this property answering member constituency South West Norfolk remove filter
star this property answering member printed Elizabeth Truss more like this
star this property question first answered
less than 2019-05-15T15:57:50.547Zmore like thismore than 2019-05-15T15:57:50.547Z
star this property answering member
4097
unstar this property label Biography information for Elizabeth Truss more like this
star this property tabling member
4633
unstar this property label Biography information for Paul Girvan more like this