Fears of a Halloween Brexit horror story for pensions have been raised by AJ Bell.
Thousands of pension savers have breached lifetime allowance ‘protections’ in the past 12 years, potentially landing themselves with tax bills running into hundreds of thousands of pounds.
The winners of this year’s CISI Awards have been revealed.
A new FOI reply to Steve Webb, director of policy at Royal London, suggests that far more low-paid and part-time workers are missing out on tax relief on their pension contributions than previously thought.
Pension savers will now be putting away more in their pots as part of an increase in auto-enrolment minimum contributions from 5% of qualifying earnings to 8%.
The Government’s consultation on the proposed Pensions Dashboard has concluded and the report, published yesterday, pledged primary legislation to make it a reality.
Pension transfer values as measured by the XPS Pensions Group Transfer Value Index increased “substantially” during March, the firm has said.
Worried retirees have revealed their fears as the fourth anniversary of pension freedoms approaches.
It seems a long time since we had an annual allowance (AA) of £255,000. These days most pension savers are restricted to £40,000, but the money purchase annual allowance (MPAA) and the horribly complex tapered annual allowance (TAA) impose significant further restrictions for many. HMRC’s pension contribution statistics for 2016-17 tax year give us the first indication of the impact of the tapered annual allowance, and it’s not pretty.
Savers could be short-changed by as much as £40,000 unless changes are made to the way auto-enrolment minimum contributions are calculated.
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