Jessica List: Painting pensions by numbers

clock • 4 min read

HMRC recently released a range of statistics relating to personal and stakeholder pensions. Below Jessica List summarises the highlights and what they may mean for advisers’ clients...

Lifetime allowance The HMRC data shows that 8,510 lifetime allowance charges were reported by schemes in the 2019/20 tax year. The charges had a total value of £342m - a 21% increase on the £283m reported in 2018/19. This is a considerable increase for a single year, particularly if you consider that the lifetime allowance at the time was still rising in line with inflation. With the lifetime allowance now frozen at £1,073,100 for the next few years and higher inflation to contend with, these figures give a sense of how much worse pension savers are likely to be affected over the next...

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