Tax planning

Sheriar Bradbury sees it from the provider's point of view

An 'irksome' lifetime allowance case study

A change in the way the government collects tax on pension savings will not make people save more way for their retirement, according to the latest consumer research.

Tax relief on its own still won't incentivise saving

The Financial Services Compensation Scheme (FSCS) has begun processing about 150 individual claims related to advice to invest in tax 'mitigation' schemes after being given the green light by lawyers.

The amount of tax the government has collected from people breaching the lifetime pension allowance (LTA) has risen by 276% since George Osborne became Chancellor.

The lifetime allowance "has outlived its usefulness" and should be scrapped as part of a wider overhaul of pension taxation, Tom McPhail has said.