Gov't Urged To Revisit Pensions Tax Threshold Amid Hardship

By Martin Croucher (November 9, 2021, 2:47 PM GMT) -- The government has been urged to raise a pensions tax threshold because of a rise in the number of people suffering financial hardship taking money from their retirement savings early amid the coronavirus pandemic.

The Investing and Savings Alliance, a trade body, said the current level of the so-called money purchase annual allowance meant that many people might not even be aware of the consequences of dipping into their pension savings early.

The rules mean that people who take flexible income from their retirement pots from the age of 55 under pensions freedom rules are then obliged to pay tax on...

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