Almost half of pension holders who are over or near their lifetime allowance (LTA) threshold have not yet taken any action to prepare for the limit reductions due to be introduced in April, a survey has found.
Independent advisory group deVere, which carried out the survey, said its results are a warning that British retirees risk being hit with hefty additional tax burdens when the lifetime allowance for pensions drops from £1.5m to £1.25m in April. In there poll, 46% of pension holders have not yet taken action of any kind to mitigate the effects of the reduction. The firm warned that even if a pension pot is significantly below £1.25m today, it is "perfectly possible" for savers in their 30s and 40s now to accumulate pensions savings of £1.25m by the time they retire. They could then be ...
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