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Commenting on today's Budget, Alex Waite, partner at LCP said: "Today's budget statement, and the limited changes that George Osborne has proposed to the pensions system, are welcome news. In particular, in light of the large amount of changes to pensions tax relief in recent years, further changes here would have been extremely unwelcome.
"We await further details of the proposed single-tier £140 state pension with interest. Whilst the idea of a new flat-rate pension sounds simple, implementing it against the backdrop of 30 years of pensions complexity may be more challenging. An area of focus here will be the consequential changes to contracting-out and what they will mean for pensioners." |
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