29 April 2010
• 66 per cent want Government to incentivise
investment in private pensions
• 62 per cent agree the Government should use the tax
system to encourage pension savings
• 71 per cent believe the tax burden on investments
within pensions should be reduced
Two thirds of all Britons (66 per cent) believe that one of the
next Government’s top priorities should be to encourage
people to invest in private pensions, according to a ComRes poll*
for Brewin Dolphin. The poll also revealed that 62 per cent
of Britons agree that the tax system should be used to achieve
this, and an overwhelming 71 per cent believe the tax burden on the
investments within pension funds should be reduced.
As one of the largest private client investment managers and
pension advisers in the UK, Brewin Dolphin welcomes these findings,
as it has for sometime been raising concerns with Government and
the opposition about the diminishing value of private sector
pension provisions. This independent poll clearly
demonstrates that the British public has recognised that the UK
pensions situation is in crisis and therefore policies must be set
out by the next Government as to how it intends to plug
Britain’s pensions black hole. Brewin Dolphin has been
campaigning for years for some replacement for the dividend tax
credits taken from pension funds in 1997, and the finding that this
chimes with the view of 71 per cent of those polled in the ComRes
survey adds considerable weight to their campaign at www.pensionstimebomb.com – where all the parties manifesto pledges on pensions are
examined.
Charlotte Black, Head of Corporate Affairs at Brewin Dolphin
said, “Having had time to digest the various political party
Manifestos, these figures highlight exactly the specific measures
the British public wants to see a new government introduce to
restore its faith in private pension investment. We also want
the Government to stick to its promises regarding private pensions
policy throughout the next Parliament, to give savers some
certainty. These sentiments echo those of Brewin
Dolphin’s long standing campaign for pensions reform,
particularly in respect of the restoration of the dividend tax
credit. Now is the time for politicians to set out clearly
their exact intentions as to how they will address the UK’s
private sector pensions crisis. With an ageing
population this issue can no longer be ignored and the new
Government must demonstrate that it is aware of the growing alarm
amongst private investors, and to do something constructive to
restore their faith in saving for the long term.”
As part of its ongoing campaign for pension reform, Brewin
Dolphin recently launched the UK’s first pension calculator
at www.pensionstimebomb.com , enabling individuals to calculate the impact on their own
pensions savings of the removal of the tax credit on dividend
income introduced in the 1997 Budget. So far over 4,000
individuals have used the pensions tax calculator to work out how
big the shortfall in their own pension arrangement is.
* ComRes interviewed 1024 UK adults by telephone between
16th and 18th April 2010.
-Ends-
For further information please call Charlotte Black on 0845 213
3331
NOTES TO EDITORS
ComRes - ComRes interviewed 1,024 GB adults by telephone
between 16th and 18th April 2010. Data were weighted to be
representative demographically of all GB adults. ComRes is a member
of the British Polling Council and abides by its rules
(www.britishpollingcouncil.org).
Full data tables can be found at www.comres.co.uk .
Brewin Dolphin The Brewin Dolphin Group manages over £21
billion of funds for over 130,000 private clients and of this over
£12 billion is on a discretionary basis. BD has 40 offices
throughout the UK and Channel Islands and Brewin Dolphin Investment
Banking is corporate adviser to over 100 small and medium size
quoted companies and institutions.
Brewin Dolphin Limited (“BD”) is the principal
operating company of Brewin Dolphin Holdings PLC which is a FTSE
250 company. BD is authorised and regulated by the Financial
Services Authority and is a member of the London Stock
Exchange.
The Group provides a complete investment management and financial
planning service for private investors, charities and pension funds
and has an Investment Banking division. Stocktrade is the Group's
Execution-Only telephone and on-line dealing division.
Brewin Dolphin won the award for the Best Discretionary Broker in
the Shares Awards 2009 and also received the top awards for its
Market Newsletter and Exceptional Performance in the Back Office at
The Daily Telegraph wealth management awards 2009.
Please see the Media Centre section on our website: http://www.brewindolphinmedia.co.uk/brw/media/ for details and photos of all commentators and analysts throughout
the BD Group.