Liberty SIPP: High earners risk sleepwalking into a lifetime allowance tax trap

Liberty SIPP this month polled 580 people with pension savings and found "worryingly high levels of ignorance and complacency" about the imminent changes, which will see a 55% tax charge imposed on pots of more than £1.25m Having crunched some numbers, Liberty SIPP found that many people in their thirties and forties with decent pension pots are likely to exceed the lifetime allowance of £1.25m without even making any further contributions. Liberty SIPP managing director John Fox said: "The reality is that many higher earners risk sleepwalking into a tax trap, as the reduction in the ...