Almost nine in ten (88%) high net worth (HNW) individuals want to see pension reforms and do not think pensions work as well as they should, according to Saltus.
Its fifth Wealth Index Report found that the most popular change would be the introduction of a pensions ‘pot for life’ as announced in the Autumn Statement, with 19% of respondents saying they would like to be able to insist that their employer pays into their chosen scheme, rising to 21% for respondents over the age of 55.
The next most popular reform would be an increase in the annual allowance, with 18% of respondents saying they would like to see this, rising to 25% for self-employed HNW individuals.
An increase in the 25% level of tax-free cash would also be a popular change, the report found, with 17% of respondents saying they would like to see the level raised. This increased to 23% of the wealthiest respondents, while 13% of all HNW individuals in the research would like all inherited pensions to be accessed tax free.
The report also found that HNW individuals would also like to see changes to the current tax system in the UK.
