One of the Chancellor’s ‘rabbits from his hat’ in this year’s Budget was the Lifetime ISA.
Nearly a fifth of consumers may be planning to withdraw cash from pensions to drip-feed it into an ISA once they turn 55, according to new data.
Radical pension reforms could significantly boost the pension savings of the majority of earners, but at the cost of substantial losses to high earners and major disruption to the industry, a report concluded.
Sipp contributions more than trebled compared to the previous year, Fidelity International’s pension inflow figures showed.
Any moves to further reduce tax relief on future pension contributions would be a “second tax grab on pension savers”.
There are ‘ominous’ signals over pensions tax relief that a ‘bloody nose’ is still to come despite the Chancellor’s silence on the subject yesterday, industry figures have warned.
Pensioners will have £15 more in 2020 than they need every week to afford a decent standard of living, according to a report assessing the impact of the summer Budget.
George Osborne has opened up the possibility of “radical reforms” which could mean pensions become taxed like ISAs.
Chancellor George Osborne has confirmed in his Budget today that 5m people will get the freedom next year to sell on their annuities for cash.
The final Budget of this Parliament may feature plans which could lead to a new market in second-hand annuities.
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