UK - The government should replace its £1.4m savings limit with a "contributions limit" to encourage people to save earlier in their career, Legal & General claims.
The firm criticised the Inland Revenue’s plans for a lifetime limit of £1.4m, which would “stifle pension investment” and cause investors to “juggle” their financial affairs to avoid a 60% tax penalty on excess savings.
In contrast, L&G said a lifetime limit on contributions would encourage early investment because people would want to get maximum interest growth on their allowable contributions.
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