The death of annuities is premature but the lifetime allowance on pensions must be scrapped, delegates heard at the Association of Member-Directed Pension Schemes (AMPS)'s annual conference.
Intelligent Pensions managing director Steve Patterson called for a major rethink on the use of the lifetime allowance as the pension system would be "far simpler" and would not penalise those who have saved for retirement. Patterson said: "It's not just the private sector so called ‘fat cats' that are caught by the lifetime allowance, it is also doctors, dentists, vets and other professions who will be hit hard but won't necessarily be aware of it. It's an insidious back handed tax charge on people who made the effort to plan for their future needs and will backfire on the government." ...
To continue reading this article...
Join Professional Adviser for free
Signup and gain exclusive members-only insights
- 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
