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CITYAM.COM MONDAY 14 SEPTEMBER 2015 NEWS 23 Zurich calls on government to apply 33 per cent flat rate of pension tax CAITLÍN MORRISON <strong>THE</strong> GOVERNMENT should introduce a 33 per cent flat rate of pension tax relief to convince more people to save for retirement, insurance group Zurich has claimed today. The firm said a flat rate is a “longterm solution that gives consumers the certainty they need to save”. Research conducted by YouGov for Zurich has shown that 69 per cent of over-55s said contributing to a pension from untaxed income was the most powerful incentive for them to save for retirement. “Investing into a pension from untaxed income is a compelling incentive to lock away savings for the long-term,” said Gary Shaughnessy, Zurich UK Life boss. “Removing such a valuable tax break, as the government is considering, would drive people away from retirement saving.” He added: “Instead of scrapping pension tax relief, the government should reinforce its value by introducing a 33 per cent flat rate that would be a fairer, simpler and more sustainable solution for people of all incomes.” He added that taxing pensions upfront like ISAs would weaken the culture of long-term retirement saving. Workers will need to start saving in a big way if they are going to enjoy retirement Deloitte: Savers must find extra £10k each year 360˚ Accuracy LAUREN FEDOR BRITISH savers will have to find an additional £10,000 each year from now until they retire if the nation is to close the growing so-called “savings gap” between incomes and retirement needs, according to a new report from Deloitte. The firm forecasts that the savings gap could hit £350bn by 2050 – almost £32bn more than estimated just five years ago. And if the population grows more quickly, Deloitte said the gap could be even bigger, topping £374bn by 2050. The report argues that a combination of strong population growth, pressure on public spending, the gradual closure of defined benefit pension schemes and the rising cost of healthcare are all contributing to the growing gap between what people earn and what they will need to save in order to be able to retire. Andrew Power, an investment FUTURE HEADW<strong>IN</strong>DS (£ BILLION) Savings gap 2015 Further reduction of DB pensions Increasing costs of long-term care Population growth Savings gap 2050 management partner at Deloitte, said: “Despite welcome efforts by the government to tackle the savings gap through auto-enrolment and raising the pensions age, challenges still exist. People are living longer; many would rather spend today rather than save for tomorrow; and few know how much they actually have tucked away.” “Separately, the government is no longer as generous with tax incentives,” he added. “If savers want a particular standard of living at retirement, then they will need a greater awareness of what must be saved today.” Deloitte said that the investment management industry needs to work with government in order to motivate people to save more. Mark Ward, head of investment management, said: “Savings products should be simple and jargon-free and providers will need to be transparent on what they can achieve in terms of savings.” 250 23 Source: Deloitte analysis. 2015 36 43 352 Intelli Wrap Cuff Accurate results in any position around the upper arm* Licensing Act 2003 Notice of application for a Premises Licence An application has been made to City of London Corporation for a new Premises Licence for premises situate at and to be known as Obica, Unit 4, 60 Ludgate Hill, London EC3. The application seeks permission to sell alcohol from 09.00 to 01.00 Mondays to Saturdays, 09.00 to 00.30 on Sundays and Late Night Refreshment from 23.00 each night until 01.00 Mondays to Saturdays and from 23.00 to 00.30 on Sundays. The full application setting out all details of the application can be viewed at the offices of the licensing authority at City of London, Guildhall, PO Box 270, London EC2P 2EJ during normal office hours (ring in advance to check). Further information may be available at www.cityoflondon.gov.uk Persons who may be affected by the grant of the application and responsible Authorities can make representations to the Licensing Authority by close of business on 6th October 2015. All representations must be made in writing. It is an offence under Section 158 of the Licensing Act 2003 for anyone to recklessly or knowingly make a false statement in connection with a licensing application. The maximum fine on conviction is £5,000. Clifton Davies Consultancy Limited SPORT All the action from the weekend PAGES 50-52 *Intelli Wrap Cuff Clinical Study, G. Bilo et al. Italy 2015. Data on file. only at Boots Order by 8pm and collect for free tomorrow from midday. Omron M6 Comfort IT Blood Pressure Monitor See www.boots.com/ordertodaycollecttomorrow for full terms & conditions about the Order & Collect service. Subject to availability at larger Boots.
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