Reports have emerged that the UK chancellor Jeremy Hunt could increase in the Budget the amount people can save into their pensions tax-free in order to encourage over-50s to get back to work. Currently if the value of a pension pot exceeds the lifetime allowance of £1.073m then the saver can face excess tax penalties of up to 55% on access. However Gary Smith, director of financial planning at wealth manager Evelyn Partners, says that such a move would be very welcome, but that encouraging early retirees back into the workforce faces other tax disincentives. "The problem for early...
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