'More to be done' with retirement planning

Friday, May 21st 2010

The coalition government has made some positive moves towards pensions and retirement, but there is still more to be done, it has been claimed.

Malcolm Small, director of portfolio and retirement planning at the Tax Incentivised Savings Association (Tisa), argued the commission on public sector pensions is one of the constructive steps.

However, he noted proposals from the Liberal Democrats regarding limited tax relief on contributions will still be present and could appear in the emergency Budget or autumn spending review.

"Whilst nothing can be sacred, pension saving in the UK is already in enough trouble. Tinkering at the edges will just make matters worse," Mr Small stated.

Britons must be encouraged to save and "radical reform" is needed to do this, he added.

Tisa works with the financial services sector, along with bodies such as HM Treasury and the Financial Services Authority.

It aims to improve and promote savings and investment options in the UK.