There are currently no fewer than eight different sets of tax rules in use for pensions,
imposing unnecessary inflexibility, driving up costs and – worst of all – discouraging
people from saving.
These words formed part of the foreword to the December 2002 Treasury discussion document
“Simplifying the taxation of pensions: increasing choice and flexibility for all”. The
government is committed to the wholesale reform of the pensions tax regime, in order to
remove the inflexibility and costs, and to encourage taxpayers to make an adequate
pension provision for their old age.
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