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State Treasury Pension
The changes to pension taxes in Gordon Brown's first budget in 1997 were not backed by the Confederation of British Industry as some members of the treasury have claimed. The current chairman of the CBI, Richard Lambert told the Financial Times that not only did the organisation not back the changes, but in fact "objected to it quite strenuously". This contradicts the statements made over the weekend by Ed Balls, the economic secretary to the Treasury, who continued to support the claim that the CBI had pressed for changes to pension tax relief.
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He goes on to say that "It is vital that consumers are given the tools to make informed decisions about financial services, particularly as we move towards the proposed new pensions system." The proposed pension system was highlighted in the pension bill that was released in November. The Dept. term pension reforms and intends to make the state pension a stable platform for private saving.
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> News Pension Term Assurance life insurance guidelines launched Wed, 20 Dec 2006 Fresh guidelines have been released to the life insurance industry about Pension Term Assurance (PTA.) The guidelines, released by the Treasury and HM Revenue and Customs (HMRC), offer guidance for those customers whose applications are ‘in the pipeline, ’ with their policies yet to be issued.
Mike Cherry, FSB national pensions spokesman, "Everybody recognises the need to tackle the future of pensions and the government has done well to grasp the nettle on this issue. "The government's stated aim has been for individuals to take responsibility for their own futures and we hope this is reflected in the final settlement." Mr Cherry said that the various organisations representing British business had all spoken with the prime minister about the implications of pensions reform for small businesses and their employees.
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