High earners are pouring significant contributions into their pensions ahead of changes to allowances coming into effect at the end of the current tax year, according to Hargreaves Lansdown data.
The provider said clients had saved 18% more into their Hargreaves Lansdown self-invested personal pensions (SIPP) in this tax year to the end of December compared to the previous year (April to December). It said there was a 53% increase in the number of people contributing more than £60,000 (the current annual allowance) and the number contributing more than £40,000 "grew three-fold". The provider said the behaviour was in response to the increases in annual and tapered allowances and the abolition of the lifetime allowance (LTA) announced in last year's Budget. The changes take eff...
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