- A minimum level of income to be needed to be secured within a pension fund (so an entire pension fund could not be accessed completely as cash).
- Limiting the ability to leave the pension fund completely tax free to beneficiaries.
- Further limit to tax relief on pension contributions potentially to a flat rate tax relief of 30%.
- Removal of tax free cash from a pension.
- Merger of pensions and ISAs into one tax wrapper called a LISA (Life Time ISA).
At this time, it would appear the favourite for a change would be limiting of tax relief on pension contributions. But some, all or more options may be considered. Watch this space...
As part of our service to doctors we offer a 6-month 'safety-net' meeting with doctors to ensure all pension updates are accounted for and financial plans adjusted accordingly. If you would like to get started with us please email firstname.lastname@example.org or telephone 0117 966 5699.