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Thursday, August 5, 2021

Pension tax raid: Rishi Sunak's actions may leave retirees with just five years to act

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Pension tax raid: Rishi Sunak's actions may leave retirees with just five years to act

He said: “The rumours swirling about the LTA over the last few days will represent a worry for pension savers across the country.

“Pensions by their very nature are a long-term product and it’s unfair of the government to constantly move the goalposts.

“While even pension pots of £800,000 or £900,000 sound like a very large pot of money to many, investment growth and compound interest can mean that the new LTA thresholds can be easier to hit than people may think particularly for those in public sector schemes.

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“Our calculations show that someone with a £625,000 or a £700,000 pension pot and are five years away from retirement could be forced to hand over some of their hard-earned cash to the taxman if the thresholds are reduced to £800,000 or £900,000 respectively.

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This post originally appeared on Daily Express :: Finance Feed

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Pension tax raid: Rishi Sunak's actions may leave retirees with just five years to act
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