Lifetime allowance breaches, pensions gender gap, and 'a small ray of hope' for savers - here's our weekly heads-up on the financial stories that may have caught your clients' attention over the weekend …
£46,332: the average tax bill for people who saved too much in their pension The amount of tax stumped up by those who have saved more than the pension lifetime limit has spiked by almost 33% to £120m over the last 12 months. According to this Telegraph article, a Freedom of Information request by the paper has revealed the resulting individual bill from the taxman averages £46,332. The lifetime allowance has been cut back from £1.8m to £1m in recent years and 2,590 people broke through the current threshold in the 2016/17 tax year alone. Furthermore, adds the article, 8,260 people hav...
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