Budget Risk of Triple Tax Grab on Pensions

FUTURE PROOF: Treasury could pocket an additional £1 billion from previous pension reforms – and may look to increase this with further Budget changes, insurers warn

Emma Simon 29 February, 2016 | 12:03PM

Insurance companies have warned that forthcoming pension changes may be as much about raising revenue for the Government as encouraging those on lower income to save more.

The Chancellor is widely expected to make changes to the tax relief of pensions in the March 16 Budget – which could see the erosion of higher-rate tax relief, or the introduction of a new “Pension ISA”.

Pension company Aegon has warned that either move is likely to result in a further “tax grab” for the Chancellor.

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About Author

Emma Simon

Emma Simon  is a financial journalist, specialising in investment and consumer issues, writing for Morningstar.co.uk

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