Commenting on today’s Personal Pension statistics, Helen Morrissey pension specialist at Royal London, said:
“Today’s figures show the total value of contributions reported as exceeding the annual allowance has surged from £578m in 2016/17 to £812m in 2017/18. This is just the beginning and we will see more and more people being caught out by this overly complex regime as time goes on.”
Notes to Editors
The Personal Pension statistics can be found here: https://www.gov.uk/government/statistics/personal-pensions-statistics-introduction
About Royal London:
Royal London is the largest mutual life insurance, pensions and investment company in the UK, with assets under management of £139 billion, 8.6 million policies in force and 4,348 employees. Figures quoted are as at 30 June 2020.