UK’s middle class savers penalised

Published: 16 October 2018

This is Money states "How the UK's middle class savers are being dragged into a 55% pension tax trap that was meant for millionaires". The article states "the maximum you can build up in a pension without a tax penalty is £1.03m," "But many workers whose salaries have risen unwittingly breach this allowance" and this has resulted in "a £70m jump in pension tax collected by HM Revenue & Customs." "Research for Money Mail has found many workers whose salaries have risen to about £80,000 are unwittingly breaching this so-called lifetime allowance." Read more.