Pensions Savings Investments

Pension taxes for high earners may affect broader savings

Planned changes to the way the pensions of higher earners are taxed could have a far-reaching impact on retirement savings in general, the House of Lords Economic Affairs Committee has said.

Pension savers let millions in tax relief go begging

People who save for their retirements through company pension schemes could be missing out on millions of pounds in tax relief, a new study has claimed.

New pension rules could adversely affect temporary employment

The government has been advised to give serious consideration to the impact that new pension rules may have on temporary workers, employers and the flexibility of the labour market.

Interest rate fall to hit short-term fixed-rate bonds

Savers who have been enjoying generous fixed-rate bonds could soon be facing big reductions in the level of their returns.

Cash ISA rates lose their allure

Cash ISAs that were offering savers attractive returns just a few weeks ago are now being pegged back to lower interest rates.

Firms need extra time to deal with pension deficits

The CBI has urged a change to the pension system in order to allow businesses extra breathing space in which to make good the shortfalls in their final salary schemes.

Pension decision time for those approaching 50

Changes to the rules next year will affect early access to pensions.

Pensions rule still under debate

High earners were also shocked to hear that not only would tax relief for pensions be restricted from 2011, but that the Government also intends to restrict their ability to contribute this year and next, in the run up to the new rules.

The restriction, however, is much more limiting than was expected, as it is intended to prevent those affected from increasing their pension contributions in 2009/10 and 2010/11.

But the effect of the rules as drafted mean that many taxpayers earning over £150,000 per annum could be forced to reduce their pension contributions this year.

Pensions tax relief measures need to be reconsidered

Pension industry groups are warning that government plans to cut the tax relief available to higher earners on their pension contributions could have an adverse impact on the whole savings and retirement system.

Pension rules may deter saving

Changes to pensions tax relief for higher earners could be counterproductive, it has been claimed.

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