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Today the government has published legislation confirming that low earners who save through a Net Pay Arrangement (NPA) will get the same level of government top-up as those who use Relief at Source schemes.
At present I have a defined contribution pension where my company contributes around £1,000 per month and I make a salary sacrifice and pay approximately £2,000 per month.
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At last, the government has published plans to ‘fix’ the net-pay pension tax anomaly and I am delighted to see serious proposals to tackle this problem. This issue remains an underlying risk for pension confidence and the sooner it is tackled, the better.
The net-pay anomaly has been in the “too difficult” box for a good number of years culminating in a call for evidence that ran through the summer and into the autumn of 2020.