Pensions raid to pay for Covid pandemic

Rishi Sunak - Stefan Rousseau/PA

Treasury officials are drawing up plans for a pensions tax raid in the autumn to help pay for heightened public spending during the Covid pandemic, The Telegraph understands.

Three different reforms to the way in which pension contributions are taxed are being considered amid pressure on the public finances, according to well-placed Whitehall sources.

One of the ideas being examined is reducing the pensions lifetime allowance from a little above £1 million to £800,000 or £900,000, lowering the point above which extra tax charges kick in. 

By Ben Riley-Smith.

Full story at Yahoo News.