UK pensions tax changes to bring in 'more than £40bn' before 2045

Contributing sentiments towards policy:

50% : "Either way, as the DB transfer generation gets older, the government will start to see a multibillion pound revenue stream from the income tax or IHT on their pension pots," Camfield added.
49% : While he acknowledged that some retirees may react to tax changes by drawing down on pension assets faster, the changes will still generate significant tax revenue because such withdrawals will be subject to income tax, he said.
48% : The government estimates that pension tax changes will raise £1.46bn a year by 2029-30, but consultants at Lane Clark & Peacock, an actuarial adviser, estimate that revenue raised from UK-wide transfers out of defined benefit to defined contribution schemes will surge from £470mn in 2029-30 to more than £3bn a year by the mid 2040s.
42% : The IHT tax-free threshold has been set at £325,000 since 2009.

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