Yesterday, the government said it would work with the industry on "alternative ways" to implement pension tax relief restrictions - and would consider reducing the annual allowance to between £30,000 and £45,000 instead.
It is not year clear how such a reduction would be applied to defined benefit pension accrual. The table below - kindly provided by Towers Watson - shows the tax charges that would be incurred b...
To continue reading this article...
Join Professional Pensions
- Unlimited access to real-time news, analysis and opinion from the industry
- Receive our in-depth monthly magazine in either print or digital format
- Access our Sustainable Investment Hub covering news and opinion from thought leaders in the ESG space
- Receive important and breaking news stories selected by the Editors in our daily newsletter
- Hear from industry experts and other forward-thinking leaders
- Receive a monthly members-only newsletter with exclusive opinion pieces from leading industry experts and a feature from the magazine in advance of its release date