HM Treasury should scrap or limit tax on pension withdrawals if the funds are to be used for care related purposes – including if they are to be used for an immediate needs annuity (INA) – the Association of British Insurers (ABI) says.
In its Prepare for Care report - published yesterday (9 February) - the trade body argued the current taxation rules for pensions withdrawals, particularly for larger withdrawals which can be taxed...
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