HMRC releases pension saving research conducted in 2016
19 April 2022
HMRC has released a report from research institute, Ipsos MORI, exploring pension tax relief and public awareness and savings behaviours. The report, titled “Pension tax relief: awareness, understanding and saving behaviours”, was due to be released in July 2016, but wasn’t due to the extended pre-election period following the EU referendum.
This has now been released following a Freedom of Information (FOI) request and made available publicly.
The key findings of the report show that 26% of adults (aged 16-55) surveyed did not think that the government provides a pension top-up and 33% did not know. Of those unaware, two thirds say they would be encouraged to save more if they were aware that their pension savings were tax-free.
The pensions landscape has changed significantly since 2016, and with changes such as the pensions dashboard on the horizon, the government has shown its intention to further educate the public.
The report also explores opinion on other alternative arrangements that could be used, such as no tax on retirement and a flat rate top up, and compares them against the current tax system.
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