While the government resisted making more dramatic pension changes in the spring Budget, it was forced to drop its planned rise to National Insurance contributions for the self-employed. This has triggered renewed speculation that the availability of pension tax relief is still in the firing line, as the government now needs to find other ways to raise the lost revenue.
The Treasury is understood to have ruled out moving to a flat rate of pension tax relief, but a further cut in the annual pension allowance appears to be back on the table. While the threat remains, those saving for retirement would be wise to make the most of the available allowances and reliefs.
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