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“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 ....
Trending Savers could be set to incur 25 percent levies on any additional income they withdraw from their pension pots. Indeed, if a person chooses to draw down a lump sum they could be hit with a 55 percent tax charge. However, Mr Sunak has said the second point of his plan - which appeared to focus mainly on taxes - was necessary due to high levels of Government borrowing. Peter Glancy, head of policy, pensions and investments at Scottish Widows, also expressed concern about the measure, stating: “Freezing the ’Lifetime Allowance’ is self-defeating. While its cousin the ‘Annual Allowance’ caps the amount of tax relief that savers receive, the ‘Lifetime Allowance’ caps the amount of taxation that people eventually pay back to HMRC when they subsequently take money out of their pension. ....