An increasing number of people saving for retirement have been hit by tax charges for exceeding the amount they are allowed to put away tax-free.
HM Revenue and Customs (HMRC) has recently withdrawn an appeal in a key court case over a 55 per cent charge it wanted to levy.
According to the latest research from the Post Office, just under half (46 per cent) of workers have never checked their personal tax accounts.
The minimum contribution you and your staff must pay into your automatic enrolment workplace pension scheme has increased.
More than eight in 10 employees in the UK are now saving into a workplace pension, new figures reveal.
HM Revenue & Customs (HMRC) has reminded taxpayers that they can carry forward any unused annual allowance if their pension savings exceed this year’s allowance.
MPs say that automatic pension enrolment is fundamental to funding a new era of retirement, which is becoming increasingly reliant on private rather than public savings.
The Federation of Small Businesses (FSB) has voiced concerns that proposed changes to auto-enrolment pensions will weigh heavily on the finances of small and medium-sized enterprises (SMEs).
The Government yesterday announced fresh changes to the State Pension age, set to affect around six million Britons.
Following the abolition of the two-tier state pension, around six million UK workers will face a surprise cut in their take-home pay next month.
According to the Treasury, millions of pensioners can expect to see their spending power boosted to its highest level for 25 years.
Employee pay will return to pre-crisis levels by 2017 if current economic trends continue, a think tank has predicted; however, rising inflation and pension deficits risk pushing the prediction off-course.