The chancellor’s move to shut down speculation on changes to higher-rate pension tax relief ahead of the upcoming Budget has been welcomed by experts who said conjecture was damaging to client outcomes.
According to a report in The Times, senior Treasury officials are understood to have told chancellor Rachel Reeves that a reduction of the 40% level of tax relief on higher earners would disproportionately hit individuals working for the state with relatively modest incomes Sources told the publication that reducing tax relief on pension contributions was no longer seen as an easy measure to raise revenue in the 30 October speech but other pension-related options remained in consideration. St James's Place (SJP) divisional director of retirement and holistic planning Claire Trott welc...
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