If the reporting is correct, then Dave, George and Beaker are now considering lowering the 50K annual pensions contribution threshold to 30 / 40k in next month's budget.
http://http://www.citywire.co.uk/money/pension-savers-take-a-second-hit-as-mps-eye-annual-allowance-cut/a566612?ref=citywire-money-latest-news-list
According to the Financial Times, ministers are eyeing a cut to the £50,000 pension annual allowance as a way to save money. Everyone is currently entitled to receive tax relief on pensions contributions up to £50,000 a year but this could be reduced to either £30,000 or £40,000 in next month’s Budget.
So rather than just certain ranks getting a tax bill on promotion, if it goes down to 30k, just how many across the Armed Forces will be faced with a pensions-related tax bill each year because of the way the Treasury calculates what our annual contributions are deemed to be?
If they do this, the Treasury & MOD will be kicking themselves; if they had hung on just a little bit longer, they could have saved on redundancy payments
