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Budget 2014: 12 predictions

by Michelle McGagh on Mar 17, 2014 at 09:10

Tax-free pension cash

There are persistent rumours about a cut or cap on the amount of tax-free pension cash pensioners are allowed to take on retirement – currently 25% of the total pension fund.

However, the rumour mill seems to have died down this Budget and McPhail said he is not aware of any plans to cap as ‘any measure would be likely to only raise a modest sum of additional revenue and would probably further increase the complexity of the pension system.

He added that it could ‘alienate’ savers from contributing to a pension just as auto-enrolment ‘is trying to get off the ground’.

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