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Pensions
The Chancellor announced that the earnings cap, by reference to which contributions to occupational, stakeholder and personal pension schemes are limited, is increased for 2003/04 from £97,200 to £99,000. The limitation applies to personal pension contributions by both employers and employees (a point to be "put beyond doubt" by legislation effective from 9 April 2003).
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Despite recent turmoil in the pensions industry, the basic concept of saving for retirement is still valid and sensible, with tax relief on contributions, pension funds largely tax-exempt, and perhaps the ability to minimise risk by holding funds in cash. |
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