Treasury claws back £600m through annual and LTA breaches
Pension tax charges ‘ballooned’ in 2017/18
“A wholesale review of the system is needed as there are just too many wrinkles in the pension rule book that are causing trickle down complexity" - HL's Nathan Long.
The Treasury has clawed back more than £600m from breaches of the annual and lifetime limits on pensions savings, according to estimates from Hargreaves Lansdown.
On Thursday (26 September), HM Revenue and Customs (HMRC) issued an update on some of its personal pension statistics that revealed more than 37,000 savers were hit with annual allowance charges in 2017/18...
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