Pilots feel the current pension system – including the existing tax relief framework - works. They want stability and fear any changes could undermine the system and put people off saving for their future.
BALPA believes recent changes to the annual and lifetime allowances are already putting higher rate tax payers off saving. Professionals are reducing their pension savings or pulling out of them altogether, a problem that would be accelerated if the Treasury decide to reduce or abolish higher rate tax relief as has been recently mooted.