Pensions could be worth tens of thousands of pounds less if Reeves

"Workers' pensions could shrink by tens of thousands of pounds if the chancellor introduces national insurance on salary sacrifice schemes in next week's Budget, a survey suggests. Research by the Confederation of British Industry (CBI) suggests businesses would mostly not be able to absorb the costs if tax liabilities are changed in the Autumn Budget. Salary sacrifice schemes allow workers to give up a portion of their pay for a different benefit, like pension contributions."

"The chancellor is said to be preparing to cap the amount of someone's salary that can be sacrificed to 2,000 a year. After that, national insurance contributions would be incurred. But nearly three-quarters of UK firms agreed they would not increase their employer contributions to offset the new liability if such a measure came in. Just 13 per cent of respondents said they would."

The Independent covers topics from reproductive rights and climate change to Big Tech and investigative work, including Elon Musk's pro-Trump PAC finances and the documentary 'The A Word' about American women fighting for reproductive rights. The outlet provides free access to reporting without paywalls and seeks donations to fund on-the-ground journalism. A Confederation of British Industry survey warns that workers' pensions could shrink by tens of thousands of pounds if the chancellor applies national insurance to salary sacrifice schemes. Most businesses could not absorb the additional tax costs, and nearly three-quarters of UK firms would not increase employer contributions to compensate.

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