Changes to tax free element of SIPP

lollynerd

Hi all,
Rumours are that the chancellor may change the rules on pension tax, e.g. reduce the £268k total amount or change the 25% tax free to something smaller.

Do you think existing pensions (I no longer make contributions) could be affected. It seems unlikely, but I am a bit nervous and considering moving chunks into ISAs (same funds, so no change in profitability).

I hope I'm being overcautious.

MK62

These rumours persist (amongst others)....but the bottom line is that only the chancellor knows at the moment if there are any changes coming in around pension tax free cash.

Hoenir

Such discussions are best kept on Facebook where they belong.  Debating rumours is utterly pointless. Base decisions on the applicable rules at the time. 

Freecall

MK62 said:

.........only the chancellor knows at the moment if there are any changes coming in around pension tax free cash.

..... and even she probably hasn't finally yet decided for sure.

Cobbler_tone

Don't worry, we'll all be £1,500 a year better off when the basic rate of tax is raised to £20,000 

Stay away from those stories! There are examples out there where people do very silly (or at least misinformed) decisions based on online speculation. In today's age, something doesn't have to be said too often before it is passed off as fact.

Albermarle

Although there were a lot of rumours about this before the budget ( which proved to be unfounded speculation) I have not actually heard any this time. So not sure where the OP has picked this up.