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

Feel Good Friday: Castlefield partner expands not-for-profit refill hubs across Cheshire

Feel Good Friday: Castlefield partner expands not-for-profit refill hubs across Cheshire

Project run by Eco Communities

Professional Adviser
clock 15 May 2026 • 1 min read
Closing the advice gap: The case for attitudinal targeted support

Closing the advice gap: The case for attitudinal targeted support

TISA’s Sophie Legrand-Green on a ‘significant’ way to influence consumer behaviour

Sophie Legrand-Green
clock 14 May 2026 • 4 min read
Women in Financial Advice Awards 2026: All the nominations!

Women in Financial Advice Awards 2026: All the nominations!

More than 1,150 women from 450 firms were nominated for WIFA 2026

Professional Adviser
clock 14 May 2026 • 29 min read