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Weekly Edition - Publication date:- 2016-11-24

-en Southport & Mersey Reporter

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People drawing pensions 'fexibly' might be caught by new 'less flexible' rule on further pension saving

FOLLOWING an announcement in the Autumn Statement, a consultation has been published on reducing the pensions 'money purchase annual allowance' from £10,000 to £4,000. This means that those people who have drawn money from their pension pot will not be able to put more than £4,000 a year back into a pension from April 2017 onwards.  Robin Williamson, Technical Director of the Low Incomes Tax Reform Group, said:- "We understand that the Government is keen to dissuade 'tax-free cash recycling' which might mean that people seek to get further tax relief on money they have just taken out of a pension. But with pensions freedom, an individual might decide to take money out of their pension (currently allowed at age 55) for example, to pay off their mortgage or other debts. They might then decide to use their new found surplus in disposable income to put money back into pensions to provide a nest egg for their old age when they eventually decide to reduce their hours or stop working. The money purchase annual allowance of ?10,000 is unlikely to catch out too many people who might do this. But reducing it to £4,000; equating to savings of £333 a month; is much more likely to cause problems for these people; especially if thinking about it in terms of someone choosing to save money they might have previously been paying on a mortgage."

 

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