KEEP current tax allowances on the 25% lump sum and contributions for pensions

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KEEP current tax allowances on the 25% lump sum and contributions for pensions

Petition Details

Currently pension contributions are paid from your income BEFORE it is taxed. And when you take your pension, you can take 25% of it tax free.
The chancellor is considering changing this IN THE16th MARCH BUDGET so that the 25% is taxed AND tax is taken BEFORE you contribute into your pension.

Additional Information

If this is implemented your contributions into a pension may be taxed BEFORE you contribute thus reducing how much you can save or increasing the tax on your income.
Similarly the entire pot may be taxed when you take it!
Pension pots take years to accrue and changes can be devastating especially to people near retirement.
Even if you have taken your pension this would affect your family and friends.
We need to tell the chancellor to STOP MESSING WITH PEOPLES PENSIONS.

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