UK - Consultants are calling on the government to "ring-fence" pensions benefits when the new tax regime is introduced.
The Association of Consulting Actuaries believes ring-fencing will be easier than registering all valuation amounts over the lifetime savings limit and ensure that people do not lose out when legislation is introduced.
The ACA welcomed the main thrust of the proposals but said the 33% penalty tax was too high and did not reflect the tax reliefs given to people when saving. It suggested a penalty tax of 20%.
ACA chairman Gordon Pollock said: “With adequate time for consultations on the implementation proposals later this year, we will hopefully have a genuinely simplified regime.”
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