Pension Sector Presses Government To Reconsider About Fraud Tax

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By Martin Croucher (Dec 13, 2021, 2:33 p.m. GMT) – The government’s plan to increase the amount of retirement savings to meet the rising cost of compensating fraud victims is “totally unreasonable,” a trade organization has warned .

The Pensions and Lifetime Savings Alliance said Friday that the Boris Johnson administration should consider a major rethink of the overall financial safety net for retirement savers, rather than simply increasing what is known as the fraud compensation levy.

The trade organization responded to a consultation launched by the Ministry of Labor and Pensions last month on the Fraud Compensation Fund. The program is administered by the Retirement Insurance, which operates as …

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