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24th November 2016

Royal London: Autumn statement

Cutting the money purchase annual allowance flies in the face of efforts to make retirement more flexible. As soon as someone draws any taxable income using the pension freedoms, the amount they can save in a money purchase pension would be slashed from £40,000 to £4,000. This will have a profound impact on their ability to go on working and contributing worthwhile amounts to a pension. Starting to draw taxable pension cash becomes even more of a cliff-edge than at present. We should be trying to make combining work and drawing a pension easier not harder.

The ban on pensions cold calling needs to be introduced swiftly and be as comprehensive as possible. It needs to include unsolicited texts and emails as well as phone calls, and must cover a broad range of pension and investment cold calling. The consultation must be followed by swift action.

Budget

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