Anti-forestalling rules relaxed for pension transfers

clock

A change to pension anti-forestalling rules could restart the pension transfer market for high earners.

HMRC has relaxed its initial rules, which have crippled the transfer market among the wealthy since April. The changes to pension tax relief, announced in last year's Budget, introduced rules which meant high earner transferring their pension arrangement to a new provider would lose their contribution history and be forced to pay tax. Those earning over £130,000 a year would only have been able to claim tax relief on a maximum of £30,000 without a regular contribution history. The pensions industry had criticised HMRC's original decision to disregard contribution history when a high ...

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 Investment

Advisers turn to smoothed funds to help manage volatility threat

Advisers turn to smoothed funds to help manage volatility threat

Decreasing exposure to equities also a popular strategy

Isabel Baxter
clock 26 March 2024 • 1 min read
Examining the 60/40: Building diversified portfolios in 2023

Examining the 60/40: Building diversified portfolios in 2023

Advisers have a lot to consider when it comes to portfolio diversification

Charlotte Moore
clock 14 April 2023 • 6 min read
Schroder Investment Solutions expands distribution of MPS

Schroder Investment Solutions expands distribution of MPS

Expanding the range of DFM choice on the Parmenion platform

Ayesha Venkataraman
clock 06 December 2022 • 2 min read