HMRC refunds £800m in overpaid pension freedoms tax
Industry hopeful that move to digital portal will reduce overcharging
ANNOUNCEMENT: UK Adviser is now PA Adviser. Read more.
Industry hopeful that move to digital portal will reduce overcharging
Without sacrificing security by transferring out
Putting money in a cash account diminishes their chances of getting returns
Withdrawing the entire pot to access 25% puts the rest at risk of stagnating
But the true impact of covid-19 is still to be felt, warns pensions expect
As over half continue to contribute to their pension pots after entering drawdown
But could a smaller sector be a good thing? Or should pension freedoms just be scrapped altogether?
As ‘tougher’ access rules make it ‘complex for savers’
‘Small changes – just a fraction of 1% – can make a real difference’
But only half of retirees aware of the money purchase annual allowance
It is becoming harder and harder to find firms ready, willing and able to provide transfer advice
Which puts people at risk of significant income and inheritance tax charges