Displaying items by tag: MPAA

The Money Purchase Annual Allowance (MPAA) has created a pensions tax trap for millions of people aged over 55, according to new research.

The cost of living crisis could lead to mass breaches of the money purchase annual allowance (MPAA), as more people flexibly access taxable income from their retirement pot to cover increased costs.

The Money Purchase Annual Allowance (MPAA) poses hidden risk to over 55s who have accessed their pension early due to the Coronavirus pandemic, according to a new report.

More than 1,000 pension savers were hit every working day in 2020 by the Money Purchase Annual Allowance (MPAA), according to new analysis.

Former Pensions Minister Steve Webb has urged the Treasury to scrap or relax rules which will limit people’s ability to ‘rebuild’ their pensions when the Coronavirus crisis ends.