Retirement

HC Deb 16 December 2002 vol 396 cc611-2W

Mr. Jim Cunningham

To ask Mr. Chancellor of the Exchequer what incentives he is putting in place to encourage young people to save for their retirement. [86890]

Ruth Kelly

The Government already provides generous tax relief, worth around £13 billion a year, to encourage saving in pensions for retirement.

The Government is publishing a consultation document, on 17 December, which includes proposals for the simplification of the taxation of pensions, thus enabling people to plan effectively for their retirement.