Budget 2012: a window of opportunity for pensions

clock

In light of last week's Budget announcements, Peter Ng, IFA at Retirement Solutions, reviews what the changes to pensions tax relief will mean to those retiring.

In his 2012 budget, Chancellor George Osborne did as we all predicted and reduced the highest rate of income tax from 50p to 45p as of April 2013. The Chancellor said the 50p tax had always been a temporary measure but had only raised around one third of the £3bn the previous government had said it would. Although the rate only affects those earning more than £150,000, it is useful to examine what this means to those at or approaching retirement. Pension contributions For a while now, I have been suggesting to clients that they contribute to their pension and take advantage of any p...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Your profession

SJP wealth management CEO James Rainbow hits back at 'expensive' label

SJP wealth management CEO James Rainbow hits back at 'expensive' label

Charging structure overhaul ‘proves’ otherwise, he says

Sahar Nazir
clock 15 July 2025 • 2 min read
LTAFs will be included in Stocks & Shares ISAs from April 2026

LTAFs will be included in Stocks & Shares ISAs from April 2026

Wave of City reforms

Eve Maddock-Jones
clock 15 July 2025 • 3 min read
FCA to shorten authorisation timelines

FCA to shorten authorisation timelines

Reduced from six to four months for complete applications

Sahar Nazir
clock 15 July 2025 • 1 min read