Balls could be 'pension saviour' over ASP

Last month Andy Bell, managing director of the AJ Bell Group, sent an open letter to Balls, economic secretary to the Treasury, outlining the affect the new tax charges on ASP will have on the pensions industry, along with a suggestion of reducing the tax charges to a more neutral 55%. As it stands, the Pre-Budget Report (PBR) outlined proposals which could see unauthorised payment charges up to 70% being levied on any remaining funds after a member dies, which combined with a possible Inheritance Tax (IHT) charge means the funds could suffer a total tax charge of 82%. However, in his...