More than 4,500 pension scheme members breached the lifetime allowance in the 2017/18 tax year, an increase of 36% from the year before, according to HM Revenue and Customs (HMRC).
In data published today (26 September), the tax office revealed these savers had paid around £185m in charges as a result of the breach, up 29% from 2016/17. Meanwhile, a further 37,300 members exceeded...
This week's edition of Professional Pensions is out now.
The retirement living standards must be widely adopted by schemes to help millions of savers truly understand how to achieve the retirement lifestyle they desire, says Nigel Peaple.
Redington managing director Marian Elliott picked up the Adviser of the Year award at PP’s Women in Pensions Awards. She talks to Holly Roach about her success.
The Pensions and Lifetime Savings Association (PLSA) will play a more proactive role in bringing people together and act as captain of the industry, its chief executive Julian Mund has said.
The lifetime allowance will rise to £1,073,000 from next April as inflation in the year to September stands at 1.7%.