A host of changes were made in the 2009 Budget and Pre-Budget review, limiting contributions in the run up to 2011 for those who have earned over £130,000 p.a. and after 2011 for those who will earn over £150,000 p.a.. All this Budget did was to confirm that these restrictions on contribution limits would not be removed.
This is extremely disappointing as people with higher incomes do have significant needs to make savings for pensions – as higher incomes do not always persist! Longevity requires advance provision! Together with the Association of Consulting Actuaries, Nigel Sloam & Co much regrets the Government’s stance, which we believe is very short sighted.