🔴 Jeremy Hunt's plans to raise the lifetime allowance on pensions will not be 'massively effective' in tempting over-50s back to work, the director of the Institute for Fiscal Studies has said
The Chancellor’s plans to raise the lifetime allowance on pensions will not be “massively effective” in tempting over-50s back to work, the director of the Institute for Fiscal Studies has said.Paul Johnson said that the tax-free limit on pensions savings was a “pretty small part of the picture”Chancellor Jeremy Hunt is expected to announce in his Budget on Wednesday that the lifetime allowance – the maximum amount that can be saved in a pension before it is taxed – will be raised from £1.
The move is aimed at tempting more over-50s who have retired back into the workforce, but Mr Johnson said he “can’t imagine [these changes] will be massively effective at reversing the trend”. He said the challenge was understanding why many over-50s were choosing to retire early, and whether this trend will continue.
“The second question is: for those who have just left the workforce, is there a way of getting them back? At the moment, we are completely in the dark on this issue.”he would like to see changes to the “ridiculous rules which taper off those annual allowances”, which he argued would be more effective at preventing early retirement than adjusting the lifetime allowance.
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