Government urged to relax rules to enable savers to rebuild pension pots

Holly Roach
clock • 1 min read

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.

Webb noted two groups whose pensions may be most affected by the current situation including those aged over 55 who access their pension pots for emergency cash to tide them over and those whose investments have fallen substantially in value in recent weeks as markets have tumbled, especially those who are already drawing on some of their pension. He said if these groups have taken taxable cash from a ‘pot of money' or defined contribution pension then "they are likely to be hit by a strict limit on future pension contributions". Webb is calling for the £4,000 tax relief limit under the ...

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