Pensions: Tax-relief to be changed? The action you should take now

Multi-Ethnic Group of People and Action ConceptWith George Osborne’s Budget set for 16th March, speculation is rife that following a Treasury led enquiry into how pensions are taxed, the system of tax-relief, designed to encourage savers, could be set for a significant overhaul. Pension tax-relief Paying into a pension has long been a very tax-efficient way of saving for retirement, in no small part due to the top ups provided by the Government. This system means that for every £80 a basic rate (20%) taxpayer pays into a pension, the Government adds £20. A ...