Pensions tax: Blueprint for change?

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Pensions minister Steve Webb is keen to see 30% tax relief on pensions and the end of the lifetime allowance. What would this mean if implemented? Fiona Murphy takes a closer look.

Could there be any more changes to pensions after that thriller of a Budget? Apparently so, according to comments made by pensions minister Steve Webb. Not content with reinventing the pensions wheel with the introduction of greater flexibility, Webb recently told the Daily Mail he would like to see a flat rate pension tax relief of 30%. He also confirmed he would like to see the lifetime allowance, which has been reduced in successive years, entirely scrapped. Webb told the Mail: "I'd like to see the benefits of pensions tax relief spread much more evenly. Most people get 20% relief;...

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