AJ Bell has called on the Treasury to commit to a 'pension tax lock' in the <br>
<br>
Autumn Budget and claimed to have seen an impact on contributions in recent weeks. <br>
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The investment platform told investors on Thursday there had been a 'noticeable change in both customer contributions <br>
<br>
to pensions and tax-free cash withdrawals' ahead <br>
<br>
of the 30 October budget.<br>
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Boss Michael Summersgill said AJ had made 'representations' to Rachel Reeve's department in a <br>
<br>
bid to guarantee 'stability in key pension tax legislation for at least this parliament'.<br>
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<b><u>What's on the cards? Concerns are mounting about possible tax changes to <br>
<br>
pensions </u></b><br>
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<br>
<b>Under current rules, savers receive pension tax relief at their income tax rate. </b><br>
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Basic rate taxpayers receive relief at 20 per cent, while <br>
<br>
higher and additional rate taxpayers receive 40 and 45 per cent respectively.<br>
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Rachel Reeves is expected to consider a proposal by Treasury officials for a flat 30 <br>
<br>
per cent rate of pension tax relief. <br>
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The Treasury could also look to restrict people's entitlement <br>
<br>
to tax-free cash when they access their pension pot.<br>
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<strong>HOW THIS IS MONEY CAN HELP</strong><br>
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<strong>AJ Bell share price and data available here</strong><br>
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<b><u>Another potential target is pension pots, which fall outside <br>
<br>
of the inheritance tax net. </u></b><br>
<br>
<br>
<br>
Summersgill said: 'Pensions are the primary retirement <br>
<br>
savings vehicle in the UK and customers are unsurprisingly sensitive <br>
<br>
to changes in their tax treatment. <br>
<br>
<br>
<br>
'Amidst increased press coverage ahead of the upcoming Budget, we have seen a noticeable change in both <br>
<br>
customer contributions to pensions and tax-free cash withdrawals.<br>
<br>
<br>
<br>
<br>
<br>
'Whilst these behavioural changes do not have a material impact on AJ Bell's business performance, they <br>
<br>
represent significant decisions for individual customers.' <br>
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<br>
<br>
Representations: Michael Summersgill, the boss of AJ Bell, said the firm had made 'representations' to the Treasury <br>
<br>
<br>
<br>
In its year-end trading update published on Thursday,<br>
<br>
AJ Bell announced that investors using its platform deposited <br>
<br>
£6.1billion with the group in the last year, amid a 14 per cent increase in customers. <br>
<br>
<br>
<br>
AJ Bell saw inflows rise 45 per cent from last year, bringing total platform assets under management to <br>
<br>
£86.5billion, above Investec forecasts. <br>
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<br>
<br>
<br>
<br>
The group said: 'Gross and net inflows across the platform were significantly higher than prior year, driven by the continued <br>
<br>
investment in AJ Bell's brand and propositions alongside improved retail investor confidence <br>
<br>
compared to the prior year.'<br>
<br>
<br>
<br>
Summersgill added: 'Our strategy is centred on our dual-channel platform which serves both the advised and [direct to consumer] platform markets using a single technology platform and single operating model. <br>
<br>
<br>
<br>
'This maximises our growth opportunity within the platform market, <br>
<br>
whilst being highly efficient to operate.'<br>
<br>
<br>
<br>
Investec analysts said: 'Given the outperformance delivered by both Quilter and IntegraFin during the quarter, we believe that AJ <br>
<br>
Bell's in-line performance may be seen as a slight negative.'<br>
<br>
<br>
<br>
AJ Bell shares fell 1.51 per cent or 7.25p to 473.75p on Thursday, having risen over 80 per <br>
<br>
cent in the last year. <br>
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AJ Bell has called on the