Budget UK: Rishi Sunak slammed over pension tax relief changes – ‘Messy and ineffective’ | Personal Finance | Finance


“However, the ‘Exempt, Exempt Taxed’ regime has served our system of workplace pension schemes extremely well for over a century, and we are greatly encouraged that Mr Sunak understands and respects its value to society.

“We are, however, disappointed that the Chancellor has again missed an opportunity to make improvements to the existing system.

“Having reformed the Tapered Annual Allowance in a previous Budget, with the consequence of reducing the number of people caught by it each year, it would have been logical for Mr Sunak simply to have abolished it altogether.”

Nick Ritchie, Director of Wealth Planning at RBC Wealth Management, believes the lack of focus on pensions throughout the Budget is to the benefit of private investors rather than everyday people.

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