Overhaul Tax Rules On Early Access To Pensions, Gov't Told

Law360, London (April 28, 2021, 4:06 PM BST) -- Fewer than half of working adults dipping into their pension pots early are aware of taxes levied on them if they make further savings, insurer Canada Life said on Wednesday as it urged the government to overhaul the rules to benefit people struggling financially during the pandemic.

The insurer said that approximately 43% of the 14% of adults over the age of 55 who have made use of their pensions savings early were not aware of controversial rules on additional savings, known as the Money Purchase Annual Allowance.

The allowance means that people who take flexible income from their retirement pots from...

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