Taxing times

Excitement about the launch of alternatively secured pensions (ASP) last year extended far beyond the small group of Christians originally targeted as the beneficiaries of the rule. Although designed for a small minority with a religious objection to mortality pooling, the introduction of ASP was inevitably seized on as a new retirement opportunity by all those who believe forced annuitisation by age 75 is not in everybody's best interests. The Government's belated imposition of sharply increased tax charges - up to 82% - and higher minimum income levels was designed to choke off intere...