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The Government should really be looking at this again. £1m is quite small in this day and age and I have seen the negative impact it has made for some of my clients and how they view the future.

Even for the self employed, we now find ourselves at Ifamax making many recommendations to hold back on contributions otherwise they may well be penalised in years to come.


The most recent reduction to just £1m (having been £1.8m in 2011) has not only compounded the problems for those in defined contribution schemes but is also causing major issues for defined benefit scheme members, which is damaging the National Health Service and other public services.