Carl Emmerson
Carl Emmerson
Deputy Director
Education:

M.Sc Economics, Birkbeck College, University of London, 1999
B.Sc Economics (1st Class Honours), London School of Economics and Political Science, University of London, 1996

Carl is Deputy Director of the Institute for Fiscal Studies and programme director of their work on direct taxes and welfare. He is an editor of the annual IFS Green Budget. His recent research includes analysis of the impact of the financial crisis and association recession, and the Government's response, on the UK's public finances. He has examined the effect of UK pension reforms on the public finances, retirement behaviour, labour market mobility, incentives to save and inequality, and has evaluated the large scale pilots of the Education Maintenance Allowance, the Pathways-to-Work reforms to incapacity benefits and the Saving Gateway matched savings vehicle. He has previously served as a specialist advisor to the House of Commons Work and Pensions Select Committee.

Labour’s proposed pensions takeaway

| Observations

Ed Miliband and Ed Balls today announced that a Labour Government would significantly reduce the generosity of the income tax treatment of private pensions. Those with incomes above £150,000 a year would only be able to receive income tax relief at a rate of 20% (rather than the 50% marginal rate of income tax they would face under Labour), the annual pension contribution limit would be reduced by a quarter from £40,000 to £30,000 and the lifetime limit would be cut by one-fifth from £1.25m to £1m. This observation explains that, while there is a case for making some elements of tax-relief on pensions saving less generous, these reforms would be a step in the wrong direction.

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