Who will benefit most from pension tax changes?

When details of pension tax relief changes were announced in October they were met with almost universal praise. In the run up to the announcement, the industry had been awash with speculation that the changes would be overly restrictive and could act as a further disincentive to pension saving. One industry spokesperson even said the Treasury would be the only real beneficiaries at the expense of advisers and their clients. The changes were actually much better than many were expecting. Whereas the consultation document had spoken of reducing the £255,000 annual allowance to somewhere be...