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

Hitting milestones later in life could impact when people seek advice

Hitting milestones later in life could impact when people seek advice

People will likely be seeking financial advice later

Laura Suter
clock 19 April 2024 • 3 min read
Regulatory pressures taking a toll on industry stress levels

Regulatory pressures taking a toll on industry stress levels

'Regulatory pressures are the first thing on my mind’

Sahar Nazir
clock 19 April 2024 • 1 min read
Advisers blast FCA funding requirement of £755m 'inexorable'

Advisers blast FCA funding requirement of £755m 'inexorable'

‘I don’t really know what value I’m getting from the FCA – if any’

Hope Coumbe
clock 19 April 2024 • 2 min read