"Even the possibility of new or extended taxes on pensions is enough to set serious savers in motion. The conversation has shifted from curiosity to preparation."
"£5 billion-a-year raid"
"stealth raid"
Speculation that the November Budget may target pensions is driving British expatriates in Portugal, Spain, France and the Netherlands to explore relocating pensions offshore. Wealth managers report a sharp rise in enquiries about cross-border pension structures aimed at shielding retirement savings from potential reforms. The UK faces a £20 billion fiscal shortfall and higher borrowing costs, with ten-year gilt yields near 4.75%, increasing debt servicing. With income tax hikes politically difficult, pensions are viewed as an attractive revenue source, following historical measures like removal of dividend tax credit and cuts and freezes to pension allowances.
Read at Business Matters
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