Pension freedom's 'huge tax trap'; fund groups' MiFID II failings; and cash beats house prices in 2018 - here's our weekly heads-up on the financial stories that may have caught your clients' attention over the weekend …
UK pension freedoms open huge tax trap for over-55s Almost a million people over the age of 55 are at risk of receiving unexpected tax bills on account of their "dipping too deeply into their retirement funds" and so triggering a big cut in their tax-free pension savings allowance, warns this Financial Times article. Figures from the UK taxman, the piece explains, reveal 980,000 over-55s have caused an "irreversible reduction" in their annual pension tax relief allowance from £40,000 to £4,000, and experts now fear savers who took cash from their pensions will be unaware their tax reli...
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