TPAS plans to intervene on 'Lamborghini' pensioners

Chief executive Michelle Cracknell said the service plans to contact those who have already told their providers they wish to withdraw their funds. Chancellor George Osborne announced in March the government would remove the tax restrictions on pensioners accessing their pension pots, effectively ending the requirement to buy an annuity. From April, the taxable part of a pension taken as cash on retirement will be charged at the normal income tax rate, down from 55%. The government also increased the total pension savings people can take as a lump sum to £30,000. To help savers ...