Act now to make the most of tax breaks

It’s important to use pension allowances before you lose them, says David Prosser.

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A pensions tax grab is coming
(Image credit: Credit: Ikon Images / Alamy Stock Photo)

With Philip Hammond forced to walk away from his controversial budget plans for higher national insurance contributions, pensions tax relief may be a tempting target as the chancellor looks elsewhere for the £2bn his first proposal would have raised. The uncertainty of the future of pensions underlines the need for savers to make full use of the current system while they still can.

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David Prosser
Business Columnist

David Prosser is a regular MoneyWeek columnist, writing on small business and entrepreneurship, as well as pensions and other forms of tax-efficient savings and investments. David has been a financial journalist for almost 30 years, specialising initially in personal finance, and then in broader business coverage. He has worked for national newspaper groups including The Financial Times, The Guardian and Observer, Express Newspapers and, most recently, The Independent, where he served for more than three years as business editor.