With pre-Budget speculation over potential changes to pensions tax at “fever pitch”, Aegon has called for cool heads and for the chancellor to resist a “damaging pension cash grab”.
Speculation around potential changes to pensions tax started after there were rumours of impending changes to pension tax rules. However, there were then reports that Labour is not expected to move forwards with plans to cut higher earner pensions tax relief. 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. Aegon pensions director Steven Cameron said the spec...
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