Treasury in 'major U-turn' over plans to fine DC savers who access pots

In what has been described as a "major U-turn" the Treasury tabled an amendment Taxation of Pensions Bill on 24 November, relaxing some of the strictures introduced in October. The original proposal was to fine savers £300 if they accessed their money without contacting all providers within 31 days, then £60 a day up to a maximum of £3,000. This was to ensure that providers took account of the tax implications when flexible pension pots were accessed causing the annual tax relief allowance to be reduced from £40,000 a year to £10,000. The latest amendment extends the deadline for i...