What the 2021 Budget means for you, from pension savings to tax payments
Tinkering with the tax systems and a blow for high-earning pension savers
5 March 2021 • 8:50am
Chancellor Rishi Sunak has delivered his second Budget and made a bold attempt to balance the country’s books, while filling a huge black hole created by the pandemic.
However, included in the handouts were new rules affecting taxpayers and pension savers.
Telegraph Money takes you through the changes that affect your personal finances. Make sure to scroll to the end to use our Budget calculator and find out whether the Chancellor’s plan leaves you richer or poorer.
More than 1 million workers are likely to breach the pension lifetime allowance and be liable for a hefty tax bill - are you one of them? Here's what you.
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IFAs report 76% PII premium hikes as consumers struggle to access DB transfer advice
‘Profound impact on market’
Keith Richards: The regulator is open to discussion and does acknowledge the issues on consumer access and the long-term viability of the advice market.
Consumer access to government-mandated financial advice on defined benefit (DB) transfers is being severely curtailed as rocketing professional indemnity insurance (PII) premiums continue to shrink the market, Keith Richards has said.
The Personal Finance Society (PFS) chief executive said access to pensions freedom was being stifled as the DB transfer advice market contracts and PII was having a profound impact . His comments come.