By Irene Madongo (June 13, 2022, 3:05 PM BST) -- Online pensions provider PensionBee Ltd. on Monday said a tax break for retirement income should be eliminated, amid concerns that people are being penalized for saving more by exceeding the allowance's cap.
Savers with pensions pots worth more than the so-called lifetime allowance, which is presently £1,073,100 ($1,310,700), face paying a penalty tax, which is deducted by their pensions provider before they start receiving their retirement income.
PensionBee said the average worker is on track to exceed the current lifetime allowance by the typical retirement age of 64-65 in Britain.
It puts this down to many workers with varying salaries perhaps...
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