The Treasury is considering a change to pensions that will affect “people who can afford to put tens of thousands of pounds into their schemes each year." |
Sean McCann, chartered financial planner at NFU Mutual, said: “We could see drastic simplification of pension tax relief in the next Budget. The Treasury’s dilemma is it has to raise revenue without raising taxes. A cut to the amount people can pay into their pension seems increasingly likely. “Cutting the annual pension allowance from £40,000 a year to £20,000 wouldn’t affect most people, but would save the Government significant sums in tax relief. We could also see the option to carry forward unused relief from previous years scrapped. Much in the same way as with ISAs, savers will have to use it or lose it each tax year. “In a move to simplify the rules, the Treasury may also do away with the complex rules which mean that those with income of more than £150,000 have their annual pension allowance tapered down to as little as £10,000 when their income reaches £210,000. “The spoonful of sugar that would help this medicine go down is making pensions simpler and easier to understand. “All this speculation will undoubtedly see more high earners trying to make the most out of their pension contributions while they still can." Example comparing the relief for higher rate taxpayers Current system: A maximum £40,000 contribution with 40% relief = cost to the Treasury of £16,000 Reduced annual allowance: A maximum £20,000 with 40% relief = cost to the Treasury of £8,000 |
|
|
|
Specialty GI Pricing Leader | ||
London - Negotiable |
Senior Life Actuarial Assoc or Direct... | ||
Bermuda - Negotiable |
Health Insurance Manager | ||
London/hybrid 2-3dpw office-based - Negotiable |
Principal Actuary - Bermuda | ||
Bermuda - Negotiable |
GI Pricing Analyst | ||
Wales / hybrid 2dpw in the office - Negotiable |
International Investment Manager | ||
Bermuda - Negotiable |
Financial Risk Leader - Bermuda | ||
Bermuda - Negotiable |
Risk Transfer Consultant | ||
Any UK Office location / Hybrid working, 2 days p/w in office - Negotiable |
Senior Life Actuarial Analyst | ||
South East / hybrid 3dpw office-based - Negotiable |
Investment Manager - Credit Risk & Re... | ||
South East / hybrid 3dpw office-based - Negotiable |
Actuarial Project Manager | ||
South East / hybrid 3dpw office-based - Negotiable |
Senior Associate - Trustee Pensions | ||
South East / hybrid 1-2dpw office-based - Negotiable |
STAR EXCLUSIVE: BPA Pricing Actuaries | ||
Flex / hybrid 2-3 dpw office-based - Negotiable |
Ceded Re Pricing Actuary | ||
London - £150,000 Per Annum |
Senior Actuary | ||
London - £180,000 Per Annum |
Financial Reporting in Reinsurance | ||
London / hybrid 2 days p/w office-based - Negotiable |
Home Insurance Director | ||
North West/Hybrid - £140,000 Per Annum |
Head of Long-tail Global | ||
UK/USA - £200,000 Per Annum |
Challenge the pensions industry! | ||
UK Flex / hybrid 2dpw office-based - Negotiable |
Pensions Data Science Actuary | ||
Offices UK wide, hybrid working - Negotiable |
Be the first to contribute to our definitive actuarial reference forum. Built by actuaries for actuaries.