Three things your clients may call you about this week …

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...