Royal London – Time to stop the Salami Slicing on tax relief

As the Autumn statement approached Steve Webb calls for the Government to stop tinkering with tax relief.

Twice a year, in the run up to the Spring Budget and the Autumn Statement, we face a torrent of speculation as to what changes the Chancellor might make to pension tax relief.

Although pensions should surely be a long-term business, the constant tinkering with the rules around tax relief make long-term planning increasingly challenging. The Lifetime Allowance (LTA) has been cut three times in the last five years whilst the Annual Allowance has been reduced and subjected to a ‘tapering’ system of mind-numbing complexity.  Read the full article here