Today’s announcement is a welcome and pragmatic approach that will help ensure that saving through a pension remains tax incentivised. The annual allowance, three-year carry forward, exclusion of ill-health retirement, and protection for deferred pensioners are sensible improvements.
JOHN MORET | SUFFOLK LIFE
The number of people who will be affected by this across the industry is actually very small ?– much less than one per cent. There were no great surprises for us. We feel it took notice of industry submissions, although I fear additional technical details will make life more difficult for savers.
MURRAY SMITH | MATTIOLI WOODS
The annual allowance of £50,000 provides flexibility as pension savers will now be able to carry forward any unused amounts for up to three years. This is especially pertinent as it takes into account potential fluctuations in earnings, particularly for smaller businesses.