The average retired household handed £7,400 to the taxman during the first year of pension freedom, amounting to almost a third (30%) of their annual income, according to data analysis by Prudential.
The data, taken from the Office for National Statistics, showed retirees' tax bills rose £400 on average in the 12 months to April 2016, meaning the Exchequer pocketed an extra £1.7bn. The total annual...
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Lane Clark & Peacock partner Steve Webb has called on the treasury to relax rules which could act as a barrier to people aiming to rebuild their pension pots when the Covid-19 crisis is over.
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