Malcolm McClean: Why tax rules and pensions are 'a very toxic mix'

Pensions can be complex and difficult to understand. But then they are not alone. The tax rules suffer from the same complaint. So, put them together and what have you got? In many instances, I regret to say, a very toxic mix and a recipe for muddle and confusion. Take the tapered annual allowance for high earners. Apart from a few accountants and other self-appointed ‘experts', I am not sure there are many people who fully understand how the taper works, which income has to be taken into account (no, it's not just earnings!) and the rest of the over complicated rules that have to ...