Pensions

Pilots continue campaign to fight changes to the existing pension tax relief framework
 
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 previous reductions to the annual and lifetime allowances are already putting some higher and additional rate taxpayers 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 was mooted again only last year.  
 
The immediate policy aim should be to restore stability and rebuild confidence in the existing pensions system by hitting the pause button on any further pension tax changes.

Virtually all BALPA members are now covered by DC pension schemes and we are working to ensure these schemes are improved as many will not deliver an adequate retirement income.

Pilots have worked with other professionals (doctors, dentists, civil servants and senior police officers) to highlight the potential consequences of reducing higher rate tax relief and protect pensions saving (both DB and DC).