Andy Bell CEO of platform provider AJ Bell says “This is probably as much as we could have hoped for as a short term stop-gap. Pension savers have spoken and the Government has heard. This welcome news will hopefully be the start and not the end of a journey towards income drawdown rules that are fair, simple and sustainable.”
Andy Bell CEO of platform provider AJ Bell says “Having feared the worst, a reduction in the annual allowance to £40,000 almost feels like good news. The fact that higher rate tax relief and carry forward have been preserved must be seen as a positive.”
Bell continues “The real issue is the constant shadow hanging over pensions tax relief like a Sword of Damocles. Each Budget and Autumn Statement delivers another blow to pension savers in this death by a thousand cuts.”
Andy Bell CEO says “This is a really disappointing and unexpected announcement. The legacy this will leave will be another incomprehensible series of protection measures and a generation of pension savers who are disenfranchised with long term savings. Many people who have been prudent enough to save over their working lifetime have now once again had the rug pulled from beneath their feet.”