AMPS conference 2014: 'Insidious' lifetime allowance should be scrapped

Intelligent Pensions managing director Steve Patterson called for a major rethink on the use of the lifetime allowance as the pension system would be "far simpler" and would not penalise those who have saved for retirement. Patterson said: "It's not just the private sector so called ‘fat cats' that are caught by the lifetime allowance, it is also doctors, dentists, vets and other professions who will be hit hard but won't necessarily be aware of it. It's an insidious back handed tax charge on people who made the effort to plan for their future needs and will backfire on the government." ...