Pensions
We recognise that you may have general comments on the pensions agenda that you wish to share with us. Below you can share views that we will feed into our wider policy agenda in this area. Please share your thoughts on Private Pensions and Pensions Protection on the relevant comment page.
We previously invited comments on regulations relating to State Pensions. These are out of scope of the Red Tape Challenge, and any comments made prior to closure on the comment page will be fed into DWP’s wider better regulation programme. Find the closed State Pension page here.
To comment on Private Pensions, or Pensions Protection – please click on the links below. Visit the main Pension landing page here.
The lifetime allowance makes it essential to monitor the value of accumulated pensions, causes additional tiers of checks when transfers are done and when benefits are crystallised. It also causes uncertainty in the eyes of those who have pension funds at or near the LTA.
All this could be avoided by removing any controls on the size of a personal pension fund and limiting the amount of allowable contributions that can be made. This could either be done with a return to age related contributions or by a restriction on the tax relief given on personal contributions each year.Comment Tags: Lifetime allowance to be abolished