Pensions industry urges government to rethink fraud tax


By Martin Croucher (December 13, 2021, 2:33 PM GMT) – The government’s plan to increase the amount charged to retirement savings plans to cover the growing cost of compensating victims of fraud is “totally unreasonable,” said declared a professional body. warned.

The Pensions and Lifetime Savings Alliance said on Friday that Boris Johnson’s government should consider fundamentally rethinking the entire financial safety net of pension savers rather than simply increasing the alleged fraud compensation tax.

The professional organization was responding to a consultation launched last month by the Ministry of Labor and Pensions on the Fraud Compensation Fund. The program is administered by the Retirement Savings Guarantee Plan, known as …

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