Dear PM… Brewin chief demands May act on savings crisis

Added 12th May 2017

Intergeneration wealth disparity, tax simplification and removal of the £1m lifetime pension allowance are all addressed in a remarkable letter to the prime minister from Brewin Dolphin CEO David Nicol.

Dear PM… Brewin chief demands May act on savings crisis

In the letter, dated 3 May and headed ‘2017 Election Manifesto recommendations from Brewin Dolphin’, Nicol outlined a view on savings focused on “intergenerational fairness delivered through support for UK PLC”.

He stressed that “wealth is concentrated in the older generation” and that “the younger generation is not putting enough money aside for retirement, leading to increased intergenerational disparity”.

The Brewin recommendations include encouraging long-term equity investment and a pressing ahead with tax simplification.

The letter also called for a removal of the £1m lifetime pension allowance, sticking to just the £40,000 annual allowance instead.

The wealth manager also wants a ‘Saving for Grandchildren’ tax initiative scheme that would see a gift of 10% from a grandparent’s estate reduce their IHT rate from 40% to 36%, similar to the current charitable giving scheme.

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Gary Shepherd

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Gary joined Last Word Media in 2009, becoming editor of Portfolio Adviser a year later. Previously, he worked at Incisive Media with roles across its Professional Adviser, Investment Week, Bloomberg Money and Mortgage Solutions titles. Gary has been shortlisted for various awards, winning Headline Money Investment Writer of the Year in 2010.

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