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Article: Now the pension tax-free lump sum is in danger; As final salary schemes are axed, new threat to a comfortable retirement.
- Article from:
- Daily Mail (London)
- Article date:
- September 26, 2002
- Author:
CopyrightCOPYRIGHT 2002 Solo Syndication Limited. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Byline: TONY HAZELL
A PLAN to scrap the tax free lump sum available from pension savings was revealed yesterday.
It would be another hammer-blow to millions of workers already facing penury in retirement as final salary pension schemes are axed.
Current regulations allow people to take tax-free cash from their pension when they retire.
This can be invested to boost income, or used to fulfil a lifetime's dream - such as a cruise.
But an Inland Revenue body looking at pensions taxation is understood to be reviewing this benefit - which is virtually the only incentive left on pensions.
Last night, savings experts and ...