A blueprint for a better tax treatment of pensions

Publication type

Research Paper

Series Number

R240

Series

IFS Report Series

Authors

Publication date

February 15, 2023

Summary:

How should pensions be taxed? We propose income tax and National Insurance reforms that would more evenly support pension saving.

Pensions are the biggest component of household wealth and are treated favourably by the tax system. That means getting pensions tax design right matters. It matters for people’s well-being in retirement, especially if it can support the pension saving of those at risk of undersaving for their retirement. It also matters for taxpayers. Overly generous tax subsidies will be expensive, while insufficient generosity could lead to undersaving placing upwards pressure on state support for pensioners in the future.

Subjects

Link

https://ifs.org.uk/publications/blueprint-better-tax-treatment-pensions

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