Chancellor Rishi Sunak ruffles feathers by leaving glaring pensions issues on the sideline
A freedom of information request submitted by Aegon did not return an answer
Aegon is reiterating its call for the £4,000 MPAA limit to increase to £10,000
This week’s top stories included more details of PensionBee’s initial public offering and Just Group’s criticism of the effects of freezing the money purchase annual allowance.
The freeze in the money purchase annual allowance (MPAA) is set to “squeeze many more basic rate taxpayers”, according to Just Group.
The Office of Tax Simplification (OTS) has called on the government to review its “complicated” pension tax measures and simplify engagement with the system.
More than 4,500 pension scheme members breached the lifetime allowance in the 2017/18 tax year, an increase of 36% from the year before, according to HM Revenue and Customs (HMRC).
The government must conduct a fundamental review of tax reliefs and allowances to reduce complexity and confusion, says Malcolm McLean
More than one million people aged over 55 are now subject to harsher pension contribution limits as a result of using the pension freedom rules, Just Group research has found.
The reduction in the Money Purchase Annual Allowance (MPAA) from £10,000 to £4,000 per year will apply retrospectively from April 2017, after the Treasury confirmed plans to reintroduce tax relief cuts from that date.