Pensions Tax Relief – Individual Protection from the Lifetime Allowance Charge. NAPF response
The NAPF has responded to the HMRC consultation, “Pensions Tax Relief – Individual Protection from the Lifetime Allowance Charge”.
In our response, we make the point that constantly changing rules regarding pensions tax can discourage pension saving even by members who will never come anywhere close to going over the allowance thresholds.
We urge HMRC to keep the regulations in respect of protections as simple as possible, and to refrain from rules that would complicate calculations or communications.