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 by members...
This week's edition of Professional Pensions is out now.
Ben Gunnee reflects on 2018 and talks about the Fiduciary Management trends to keep an eye on in 2019
Lloyds Banking Group secured 630,000 new pension customers last year, according to its 2018 annual results.
Guy Opperman has rejected calls to speed up changes to auto-enrolment (AE) despite increasing pressure to boost contribution rates and overall savings pots.