Submitted on Monday 23rd March 2015
Published on Thursday 26th March 2015
Current status: Closed
Closed: Monday 30th March 2015
Signatures: 1,254
Abolish the Life Times Allowance (LTA) on pension savings
The LTA is amount you can have in your pension pot before you start being taxed at the excess at 55%. It is not calculated on the amount you contribute to your pension. It is calculated on what you have in it on retirement. This depends on your rate of return (and is therefore unpredictable). That turns pension saving into an admin-heavy guessing game. The LTA is also deeply unfair. Calculation anomalies mean that those with DC pensions hit it at an income level of around £25,000 before hitting a the punitive 55% tax rate. Those with DB pensions (most of the public sector) get more like £50,000. The differing levels of protected pensions are also unfair. Some have £1.8m plus. Those saving now get £1m. At Moneyweek (www.moneyweek.com) we think this iniquitous and confusing limit should be abolished immediately.
You can't sign this petition because it is now closed. But you can still comment on it here at Repetition.me!
3.137.175.166 Wed, 25 Dec 2024 18:43:05 +0000
