Pensions freedom – a boon for the taxman

The Treasury will raise £1.6bn of tax in 2017-2018 from pension transactions associated with the pensions freedom reforms of two years ago – almost twice as much as it had previously forecast. But the figures have again raised concerns that some savers may be cashing in too much of their pension funds too early in retirement.

When the reforms were announced, the Treasury estimated that savers cashing in pension funds rather than buying an annuity would generate £910m of additional income tax in the 2017-2018 tax year, because people would be able to take out much more cash [...]

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