FPS Chief Executive and other leaders speak out about the potential impact of the pension tax on Service Personnel.
In yesterday’s Telegraph (Monday 26 August) reports that ‘Thousands of members of the UK Armed Forces have been trapped by a government pension reform aimed at restricting tax breaks for high earners. Some senior services personnel are even rejecting promotions rather than face a financial loss as a result of the pension rules, said Tobias Ellwood, the former defence minister. In 2017 – 2018, 3,840 members of the Armed Forces breached their annual tax-free pensions saving limit.
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