Government urged to relax rules to enable savers to rebuild pension pots

Holly Roach
clock • 1 min read

Lane Clark & Peacock partner Steve Webb has called on the treasury to relax rules which could act as a barrier to people aiming to rebuild their pension pots when the Covid-19 crisis is over.

Webb noted two groups whose pensions may be most affected by the current situation including those aged over 55 who access their pension pots for emergency cash to tide them over and those whose investments have fallen substantially in value in recent weeks as markets have tumbled, especially those who are already drawing on some of their pension. He said if these groups have taken taxable cash from a ‘pot of money' or defined contribution pension then "they are likely to be hit by a strict limit on future pension contributions". Webb is calling for the £4,000 tax relief limit under the ...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

Holly Roach
Author spotlight

Holly Roach

News Editor at Professional Pensions

More on Retirement

How advisers can play a role in boosting wellbeing in retirement

How advisers can play a role in boosting wellbeing in retirement

A happy retirement is the 'north star'

Cecilia Furner
clock 08 November 2024 • 3 min read
Partner Insight: Embracing the future of retirement planning

Partner Insight: Embracing the future of retirement planning

Brooks Macdonald
clock 31 October 2024 • 2 min read
Pension tax rules uncertainty shows 'need to shift retirement planning'

Pension tax rules uncertainty shows 'need to shift retirement planning'

Needs to include wider considerations of capital drawdown beyond pensions

Isabel Baxter
clock 24 October 2024 • 2 min read