The government's confirmation it is pressing ahead next month with the reduction in the money purchase annual allowance (MPAA) has reignited the criticism directed at the measure since it was first announced in the 2016 Autumn Statement.
Last November, in a move designed "to prevent inappropriate double tax relief", Chancellor Philip Hammond (pictured) announced the allowance would be reduced from £10,000 to £4,000 from April 2017. The resulting consultation, which ended last month, attracted a range of arguments, including that the measure would damage confidence in pensions and should at least see a stay of execution until better evidence could be collected on how people are actually using pension freedom. Read more of our Spring Budget 2017 coverage here Reacting to today's confirmation of the reduction, Fidelit...
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