As Benjamin Franklin, one of the founding fathers of the US, famously said: “In this world, nothing is certain except death and taxes.” When it comes to the realm of pension saving in the UK this is certainly true.
As we enter the new tax year we also enter a new era for pensions as I don’t think anyone, outside of government, saw the abolishment of the Lifetime Allowance (LTA) coming.
The Institute for Fiscal Studies (IFS) has been spending a lot of time recently looking at pensions. Before Christmas we had a paper on the tax treatment of pensions on death, and now they have followed this up with their blueprint for a better tax treatment of pensions.
The number of individuals breaching the annual allowance limit for pension tax relief rose by 79%, new figures have shown.
Standard Life is urging the Government to introduce an incentive-led pensions regime rather than one based on the current system of tax relief.
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