Qrops market could become ‘obsolete’ following UK pension changes
It may soon ‘be designated to the history books’
Lifetime Allowance
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UK shadow chancellor set to overturn lifetime allowance abolition
Canada Life says you cannot ‘play political ping pong with the pensions system’
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‘Seismic change’ in pension tax landscape as lifetime allowance scrapped
MPAA has been reset to £10,000 and annual allowance will be £60,000
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What to expect from the UK Autumn Statement 2022
IA examines the potential tax and pension changes that could be announced by chancellor Jeremy Hunt
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LTA freeze to put £2bn in Treasury coffers
Consumers are being ‘punished’ for saving into a pension amid high inflationary environment
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Brits hit with £382m bill after breaching lifetime allowance limit
Frozen thresholds mean even more people will have to fork over cash
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Scrap emergency tax on drawdown payments, advisers urge
Lifetime and money purchase annual allowances also under fire
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UK annual and lifetime allowance pension charges soar
Even before thresholds were frozen by the chancellor in 2021
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1,000% rise in LTA tax collected over a decade
Fuelled by ‘continuous cuts’ to allowance threshold
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UK retirees to get ‘third biggest increase’ in state pension
But 3.1% uplift in the 2022-23 financial year ‘may fall short’ of cost of living rises
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‘Large tax bills’ to hit savers without LTA protection
So far, over 300,000 people have applied to HMRC to safeguard against changes
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Beware the allure of large pension increase exchanges
A bigger slice of the PIE may not necessarily be in a client’s best interests