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Has the UK government sounded the death knell of final salary pension schemes?

The future of final salary pension schemes in the UK is today under threat amid confirmation that the UK government will significantly reduce the amount of pension funding allowable under tax relief regulations. While this will hit the higher echelons of the UK business arena many believe that it is effectively a sounding bell for the last rites of final salary pension schemes in the private sector.

As we mentioned in one of our earlier articles, while there may be reasons for the UK governments reduction in tax relief, which will potentially save £4 billion a year, we need to remember that previous governments have been very vocal in their support of private pension arrangements and indeed have encouraged individuals to make their own provisions. Now that this particular initiative has turned out to be very successful it seems that the UK government is about to turn off the tap and reduce spending in this particular arena.

Is it fair that the authorities have now changed their mind on a whim? Is it fair that those who put money aside for their own pension fund arrangements, no matter what their income is, are set to lose out?

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