Standard Life says cost of pensions tax underestimated
www.moneynews.co.uk > Pensions > Standard Life says cost of pensions tax underestimated
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Standard Life says cost of pensions tax underestimated
Wed 9th Jun 2010
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John Lawson, head of pensions policy at the firm, claimed it is the complexity of the system that makes it so expensive and described it as "inefficiency gone mad".
Standard Life predicted the tax could cost employers, savers and pensions schemes £2.5 billion, which is about seven times the estimated impact quoted by the government of £345 million.
The firm went on to say that these significant costs will be put in place in order for the state to be able to collect £3.6 billion in tax from the public.
"Given the burdens faced by people as a result of the recession, adding further unnecessary bureaucratic cost adds insult to injury," added Mr Lawson.
Last month, the same company suggested the Investment Governance Group's consultation on direct contribution pension schemes was overly biased towards larger organisations.
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