Pensions: take your lump sum and run

Feeling nervous about pension provision? You should be. It is no secret that our money-hungry Treasury has earmarked tax breaks on pension savings as a great place to claw back cash. That’s partly because the tax breaks are quite generous and, of course, because very few people understand them well enough to kick up a huge fuss if they are fiddled with.

A new Institute of Fiscal Studies (IFS) report makes the point depressingly well. It notes that around 75% of contributions to UK pensions escape national insurance contributions (NICs) altogether. Why? Because they are paid into schemes by our [...]

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