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Fiscal drag happens when tax thresholds do not increase in line with pay. For example, you receive a 3 per cent pay rise, if the tax threshold has… ....
UK's PensionBee Comments on How 2022 Spring Budget Could Affect Your Pension crowdfundinsider.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from crowdfundinsider.com Daily Mail and Mail on Sunday newspapers.
“Traditionally it rises in line with September’s CPI which for 2020 would have been 0.50 percent. “That means the lifetime allowance of £1,073,100 would have risen by £5,800 in the upcoming 2021-22 tax year and some pensions will now fall into the taxable bracket.” Ms Springall concluded by encouraging those worried about what the pension changes would mean for them to seek advice about the matter. The Money Advice Service offers help, as well as Pension Wise which puts forward free and impartial guidance. Alternatively, individuals may wish to seek the assistance of a financial adviser, who could provide tailored guidance. Do you have a money dilemma which you d like a financial expert s opinion on? If you would like to ask one of our finance experts a question, please email your query to ....
| UPDATED: 09:25, Tue, Mar 9, 2021 Link copied Make the most of your money by signing up to our newsletter for FREE now SUBSCRIBE Invalid email When you subscribe we will use the information you provide to send you these newsletters. Sometimes they ll include recommendations for other related newsletters or services we offer. Our Privacy Notice explains more about how we use your data, and your rights. You can unsubscribe at any time. The pension lifetime allowance places a limit on the amount people are able to save into their pension pot tax-free each year. Before the policy change, Britons could expect the sum to increase by the rate of inflation each tax year. However, Chancellor Rishi Sunak made a change in last week’s Budget which means the lifetime allowance will be frozen until 2026. ....