Aj Bell

AE has had 'truly staggering' impact

Accidental breaches of lifetime allowance fixed protections could no longer result in onerous tax bills after HM Revenue and Customs (HMRC) dropped its appeal of a landmark case.

The Single Financial Guidance Body (SFGB) will be rebranded as the 'Money and Pensions Service', the government has announced.

HM Revenue and Customs (HMRC) has taken over £400m too much in tax from savers accessing their pensions since the introduction of Freedom and Choice in 2015.

Low earners in net-pay schemes will lose out on more pensions tax relief as the gap between auto-enrolment (AE) qualifying earnings and the personal tax allowance widens.

The Lifetime ISA (LISA) has not caused an exodus from workplace pensions as feared, research by AJ Bell finds.

HM Revenue and Customs (HMRC) has had to pay £38m to pension freedom users after more than 18,000 counts of tax overpayment were reported.

The lifetime allowance will rise to £1,054,800 from April next year as the Office for National Statistics (ONS) recorded inflation at 2.4% in the year to September.

The government has rejected the Treasury Committee's call for fundamental and incremental changes to pensions tax relief, noting there is "no clear consensus".

The Treasury Committee has called upon the government to abolish the lifetime ISA (LISA) just 16 months after it was first made available, after receiving persistently negative feedback on the product.