Qrops market could become ‘obsolete’ following UK pension changes
It may soon ‘be designated to the history books’
MPAA
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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 should advisers expect to see in the Budget?
Despite little ‘wiggle room’, major announcements are anticipated
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Restore MPAA to £10,000, Canada Life demands
Between 500,000 and 1 million people of working age are restricted by the allowance
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Pressure mounts over MPAA reforms
But Treasury holds its ground despite growing number of over-55s breaching the tax-free contribution limit
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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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6,000 Brits trigger MPAA restrictions every week
148,000 accessed their pension in the first half of 2022
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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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HMRC lacks data on pension annual allowance breaches
While DWP under fire for £1bn in underpaid pensions
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Pandemic pension freedom fears fail to pander out
But the true impact of covid-19 is still to be felt, warns pensions expect
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40% of UK retirees unaware of MPAA restrictions
As over half continue to contribute to their pension pots after entering drawdown
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LTA freeze to ‘stealthily drag thousands into the tax net’
As UK Treasury eyes extra £250m a year from the move