Member

New clause 22 would require the Chancellor of the Exchequer to make a statement on the effects of the policy on pension saving levels, household saving decisions and personal representatives within six months of the Act being passed. It is important to emphasise that the intended purpose of pension savings—indeed, it is one that the Government wholly support—is to fund retirement. That is why, to address the point made by the shadow Exchequer Secretary, the hon. Member for North West Norfolk (James Wild), we continue to incentivise pension savings with tax relief on both contributions to pensions and the growth of funds held within a pension scheme. Those reliefs totalled £78.2 billion in 2023-24.