Countdown to Pension Legislation Changes
- Monday, May 22, 2017
We are less than 2 months away from the new rules on Lifetime Allowance and Annual Allowance for pension savers coming into force.
As a reminder the Lifetime Allowance is the maximum pension fund that clients are able to hold without potentially being liable to a tax charge. This is being reduced from £1.25m to £1m. This will affect people in both money purchase and defined benefit schemes.
The Annual Allowance, which is the maximum pension input an individual can put into a pension scheme in an input year, will be reduced from £40,000 to potentially as low as £10,000 per annum.
If you think you may be affected by either of these changes then please get in touch with us as planning needs to start now.
Phil JohnsonIndependent Financial Adviser
Phil is an independent financial adviser and leads the pension’s team.