We explain how you can mitigate the fallout from reducing or ending pension contributions for a time. Don’t panic, stay vigilant against scams, and keep paying in if you can afford it.
Barry O’Dwyer, chief exec of insurer Royal London, said the catastrophic rout caused by the coronavirus could mean some people nearing retirement age no longer have enough money left to live off.
The Government’s move means most doctors will no longer be hit by tax bills due to the hated ‘taper’ – but it shunned widespread calls to abolish the complicated pension tax rule altogether.
Anyone aged 47 or under must plan ahead if they want to retire earlier than 57, or will need cash for other purposes like paying off mortgages, home renovations or university fees for their children.
