MPAA risks rise as quarter of pension savers over 55 contribute over limit

In a letter from HM Treasury economic secretary Andrew Griffith to AJ Bell Tom Selby head of retirement policy, the government said it estimates that 25% of occupational defined contribution pension savers aged 55 and over contributed more than the £4,000 allowance in the 2020/21 tax year. "This 25% includes those who have not yet accessed their pension flexibly, so the number of people affected by this change will, in practice, be significantly less," the letter, dated 21 December 2022 said. However, Selby commented that there is "mounting evidence" that savers are turning to their p...