Rachel Reeves is thought to be mooting a shake-up of pension tax relief, as the IFS suggests an £100k cap on lump sums people can take
Rachel Reeves is thought to be mooting a shake-up of pension tax relief, as the IFS suggests an £100k cap on lump sums people can take
But what is the real impact of this and what are the other ways Ms Reeves could use to target the pension pots of wealthy savers?The IFS has argued that limiting the cap to £100,000 was fair, because it is “hard to justify” offering subsidies to savers who are already relatively wealthy.
He said: “There are better ways of cutting the cost of pension tax relief than an across-the-board cut. Many millions of people on modest incomes have started saving into a pension since the beginning of automatic enrolment into workplace pensions.“If the Government simply lowered this percentage to less than 25 per cent, it would be hitting the pension prospects of millions of ordinary people and not simply the well off.
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