Rethinking Pensions Tax Relief for Social Care
The Association of British Insurers (ABI) has proposed diverting tax relief on pension contributions to fund social care in the UK. This has been welcomed by many providers and advisers, however there are practical issues that need to be addressed. These include the impact on those already contributing to pensions and younger generations, as well as the amount of funding that could be generated. Despite these concerns, the proposal has sparked an important conversation about the need for additional funding for social care.