Pension tax changes – what’s happening?
- Further restrictions to the annual and lifetime allowances
- Your higher earners will need to be made aware of the changes so they can take action
- The changes come into effect on 6 April 2016, however action needs to be taken before this date to protect accrued pension savings and / or mitigate some of the impact
Changes to the annual allowance:
From 6 April 2016 the annual allowance for tax relieved pension contributions will be gradually reduced from £40,000 to £10,000 for those with an income between £150,000 and £210,000.