Financial Times

Wealthy UK savers delay retirement in wake of pensions shake-up

Wealthy UK savers are delaying retirement until next year to avoid tax charges on pensions larger than £1.073mn, as the government scraps lifetime allowance charges on April 6.

Wealthy UK savers are delaying retirement until the new financial year to avoid tax charges on pensions larger than £1.073mn.
The scrapping of lifetime allowance (LTA) charges from April 6 has spurred some savers into immediate action.
Many people have been delaying to avoid triggering an LTA before the charges are scrapped on April 6.
The finance bill brought clarity to those with LTA protections, allowing them to recommence contributions without jeopardising access to a higher tax-free cash lump.
Tapering rules apply to those with adjusted incomes of over £260,000, but they can contribute £10,000 from the new tax year.

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