State could improve pension take-up

The government could dramatically improve pension take-up by offering tax breaks to invest in deposit-based retirement products, according to a leading financial consultant.

14th October, 2006

The government could dramatically improve pension take-up by offering tax breaks to invest in deposit-based retirement products, according to a leading financial consultant.

Paul Overy, a director of Financial Engineering Network, said the government should reconsider its pension-related tax incentives in light of the lack of demand for Personal Retirement Savings Accounts (PRSAs), the SSIA follow-up initiative aimed at encouraging people to take out a private pension. Overy said the government only gave tax relief...

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