Many are fearful of a potential 55% tax on their pension but there are steps to mitigate this
Clare Munro, senior tax adviser at Weatherbys Private Bank, recently said: “We’ve had 15 years to get used to the pension lifetime allowance, or LTA, but the possibility of a scary 55 percent tax charge on ‘excess’ lump sum pension savings still inspires confusion and anxiety in equal measure.”Firstly, stopping one’s contributions to slow down the progress at which a person moves towards the allowance is not the only answer.
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