Hundreds of thousands drift towards costly pensions tax trap
Almost a year after the reduction of the pension lifetime allowance to £1m, growing numbers of workers risk tax shocks because they are unknowingly on course to exceed this limit.
Workers in their 40s and 50s with previous final salary type pension benefits are most at risk.
Rising stock markets and baffling rules make it hard for people to appreciate the danger. Despite calls to scrap the lifetime allowance, which has been called a tax on good investment performance, the Government has steadily reduced the cap.
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