MPAA

The freeze in the money purchase annual allowance (MPAA) is set to “squeeze many more basic rate taxpayers”, according to Just Group.

The Office of Tax Simplification (OTS) has called on the government to review its “complicated” pension tax measures and simplify engagement with the system.

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).

The government must conduct a fundamental review of tax reliefs and allowances to reduce complexity and confusion, says Malcolm McLean

More than one million people aged over 55 are now subject to harsher pension contribution limits as a result of using the pension freedom rules, Just Group research has found.

The reduction in the Money Purchase Annual Allowance (MPAA) from £10,000 to £4,000 per year will apply retrospectively from April 2017, after the Treasury confirmed plans to reintroduce tax relief cuts from that date.

This week's top stories included analysis suggesting the British Steel Pension Scheme could have a £2bn surplus, while the Treasury removed its controversial MPAA cut from the Finance Bill.

Clarity over the controversial money purchase annual allowance is needed after it was removed from the Finance Bill, according to Pensions Buzz respondents.

In this week's Pensions Buzz we want to know what single area of pensions a new government should tackle, and if we need another pensions commission to produce long-term policy.

A controversial decision to slash the Money Purchase Annual Allowance (MPAA) from £10,000 to £4,000 will be scrapped as the Treasury seeks to trim the Finance Bill.