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Majority of over-55s unaware of triggering Covid tax trap that cuts pension limit by 90pc –

Many risk missing out on contributions from their employer as well as valuable tax relief



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Once the cut has been triggered it cannot be undone and savers also lose the ability to carry forward any unused allowances from previous tax years. This measure was introduced by the Treasury to stop people recycling large sums of money through pensions to benefit from the extra tax-free cash.
The sudden drop can be particularly damaging to people who are still in work and plan to make large payments into their pension in their final, high-earning years before retirement.
A third of over-55s who…

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