“The start of hopefully a long and prosperous road.

A great start, I look forward to revisiting this 'quote' in 25 years time.“

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More Changes to Pension Relief

As announced in the Autumn Statement 2012 the annual allowance for pension contributions will be reduced from £50,000 to £40,000 and the Lifetime Allowance reduced from £1.5m to £1.25m from 6th April 2014 onwards. This will obviously have an impact on funding for retirement for higher earners and so careful planning will be required to look at alternatives to pension, but also how to make best use of the existing pension provisions you have.

For those who are close to, or already exceed, a fund value of £1.25m will need to consider the various protection regimes on offer.

This does mean therefore that you need to seriously consider what pension contributions you make in the current tax year bearing in mind the higher £50,000 allowance, but do be aware that the tax year in which you make the contribution is aligned with the pension input period of your pension scheme. If the PIP ends after 6th April 2014 then you may well fall foul of the lower contribution regime as the contribution will have deemed to have been made in the next tax year. For those who are looking to retire in the next few years, this tax year may represent a useful opportunity to maximise tax relief and your retirement options.

Winsec Financial Services is a trading name of Blackstone Moregate Limited. Authorised and regulated by the Financial Conduct Authority. Registered in England. Registered No: 03631973.

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