Most employees are unaware of next month’s changes to pensions tax relief, according to research by Close Asset Management.†
Of the 2,000 employees who responded to the Close Asset Management Pensions Tax Relief Survey, 77% said they did not know the annual tax-free allowance for pension contributions would be reduced from £255,000 to £50,000. Although 36% were anxious to find out how the change affected them, 83% said they had not been offered any information by their employer.
Jeanette Makings, director – financial education services at Close Asset Management, said: “Without financial education support, staff may lose out to the taxman.”
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