Ros Altmann had a cracking go at us the pension playpen and here’s how it went.
No holds held with some extraordinary tussles with Tom McPhail, a Rosalind two-step and some very intense conversation in the chat box.
This is not the reception if she’d presented to the anonymous hoards of Professional Pensions
No one commented on why they didn’t know!
The vast weight of feeling is against mandation of trustees to do anything and I think most of us came into the meeting with Baroness Ros Altmann thinking she meant mandation. I have worked with Altmann on the net pay fiasco (which will be partially repaired under the title “Low Earners Pension Payment”). The tax authorities in the Treasury (HMRC) consider the point of taxis to encourage behaviour which will benefit everyone (including non-payers) which the “LEPT” is.
Ros Altmann’s argument at this Pension PlayPen is that tax-relief will be paid at its maximum where the Treasury considers tax-payers will get most benefit from the actions of those getting the relief.
I do wish that more people will listen to the nuance between mandating (demanding) and incentivising (with tax relief).
Here is Ros Altmann’s argument in writing
I suspect that many more people would support the Baroness’ nuanced approach through incentivisation than what is understood as mandation. Government would do well to take on her idea now before going further down the mandation route.
Altmann’s arguments are also live in Professional Pensions
