US EditionPensions at risk as HMRC eyes salary sacrifice schemes in Autumn Budget
- HMRC released research in May‑August 2023 surveying 51 firms about possible changes to salary sacrifice pension schemes in the UK.
- The research, commissioned under the previous government, arose amid pressure to raise revenue due to a multi‑billion pound public finance gap.
- The study found most employers viewed proposals removing income tax and National Insurance relief negatively, fearing up to £560 extra annual cost to employees earning £35,000.
- Steve Webb indicated that modifications to salary sacrifice arrangements are being seriously considered as a means to generate additional revenue in the upcoming Autumn Budget.
- If implemented, the changes could reduce pension savings and deter employers from offering salary sacrifice, impacting workers' retirement income.
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Total News Sources16
Leaning Left1Leaning Right3Center2Last UpdatedBias Distribution50% Right
Bias Distribution
- 50% of the sources lean Right
50% Right
L 17%
C 33%
R 50%
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