Adam Afriyie, the MP for Windsor, welcomes the biggest reform of the state pension since its creation.
These reforms will replace the earnings-related additional state pension for future retirees and give the state pension its biggest boost for 15 years. As well as simplifying the system this will be beneficial to new retirees, especially women: over the next fifteen years 70% of men will benefit from these reforms as will 75% of women.
This is part of the Government’s broader package of reforms to boost saving and incentivise work. The new Personal Savings Allowance will remove tax on savings income in a progressive way that benefits the poorest the most. Capital Gains Tax has also been cut to 20% for higher rate tax payers and 10% for Basic Rate taxpayers.
These actions by this Conservative Government will mean that 51,956 people in Windsor have had their taxes cut in the next year including 1,044 who will be taken out of taxation altogether over the next year.
The MP for the Windsor constituency, Adam Afriyie welcomed the figures:
“If you work hard your entire life then I think it is only right that the Government does what it can to support your security in retirement.
“By cutting the taxes for low earnings and on savings we want to give everyone the incentive to save for their retirement. It is also great to be fulfilling one of our key manifesto promises.
“People are getting a better deal with the Conservatives in retirement.”
Note to editors
2. Adam Afriyie has a strong background and interest in science, technology and innovation due to his entrepreneurial background in the IT sector and a variety of posts he has held and/or currently holds, including Shadow Minister for Science, Chairman of the Parliamentary Office of Science and Technology (POST) and President of the Conservative Technology Forum (CTF).