It was announced in the Autumn Statement that for tax year 2014/15 onwards:
Legislation will be introduced in Finance Bill 2013 to make these changes.
The Government considers that these measures are expected to affect only the wealthiest pension savers as 98% of individuals currently approaching retirement have a pension pot worth less than £1.25 million which is the revised level of the lifetime limit. Annual contributions made by 99% of pension savers are below £40,000, the average annual contribution being around £6,000 per annum.
Please contact us if you would like any pensions advice.
Internet link: HMRC pensions tax relief
Posted – 21/12/2012