LV= says new pension calculator regulations will simplify matters

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LV= says new pension calculator regulations will simplify matters

New rules relating to pension tax relief will make things easier for savers, a representative from LV= has suggested.

Ray Chinn, head of pensions at the firm, made his comments regarding regulations on how much people can put aside and still enjoy tax privileges.

In his opinion, one feature of the new scheme that will help is individuals' ability to offset contributions against allowances from previous years that were not exhausted under the system.

The proposals will see the threshold for tax-privileged pension provision cut to £50,000, although the LV= spokesperson claimed that the allowance was originally proposed to be £30,000.

"These proposals will be simpler for individuals to understand than the proposals put forward by the previous government," added Mr Chinn.

After announcing the new system, financial secretary to the Treasury Mark Hoban MP stressed that the regulations are "tough but fair", with people on low incomes not hit by the change.

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