Question to the HM Treasury:
To ask Mr Chancellor of the Exchequer, what estimate he has made of the annual savings to the public purse of limiting all personal pension contribution tax relief at the basic rate with contributions remaining unchanged.
An estimate of the cost of limiting all personal pension contribution tax relief at the basic rate is not available.
Information on the cost of pensions tax relief is published in the HM Revenue and Custom (HMRC) National Statistics table ‘Registered pension schemes: cost of tax relief’, available on GOV.UK, please find the link below:
https://www.gov.uk/government/statistics/registered-pension-schemes-cost-of-tax-relief
Estimates of the number of people making contributions into personal pensions and the value of their contributions by different income levels can be found in Table 3.8 at the link below:
https://www.gov.uk/government/statistics/deductions-and-reliefs-2010-to-2011