News: Treasury has broken 'spirit of simplification'.

Pensions Week, June, 2009

Byline: Charlie Kirby

Two heavyweight pensions bodies combined to criticise the Treasury at a finance bill sub-committee last week.

Joanne Segars, chief executive of the National Association of Pension Funds, and Maggie Craig, director of life and savings at the Association of British Insurers, both rounded on the Treasury's recent cut in pension tax relief for high earners.

Each said the previous rules were simple and provided a base of stability for what has traditionally been a turbulent sector. Both also told the sub-committee they felt let down by the government for breaking "the spirit of the simplification process".

"The reason we all put in the effort and spent the costs needed [after A-day] was as part of the trade-off;...

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