Mar 16, 2023
Budget 2023: Warning pension tax breaks may make some retire early
Tax breaks meant to encourage wealthy pension savers to stay in work for longer are "Poor value for money" and may not work, a think tank has warned. The chancellor said it would keep more doctors in work, helping the NHS. But Labour's Shadow Chancellor Rachel Reeves described them as a "£1bn pensions bung for the 1%". Under the plans announced in Wednesday's Budget, the tax-free limit for pension savings during a lifetime will be abolished in April. Many in the pensions industry saw the lifetime allowance as a barrier to encouraging pension saving. Experts now say the tax breaks will leads to lots of money being put into pensions by wealthy savers. If somebody dies before 75, any funds remaining in their pension is also free from income tax.
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