In his 2012 Autumn Statement today the Chancellor of the Exchequer announced changes to the pensions tax regime – again! The majority of these changes will take effect from 6 April 2014. The position will be clarified further when enabling draft legislation is published next week.
It is clear, however, that there will be a concentrated opportunity for pensions and contributions planning and efficiency over the next 16 months. We will liaise with you and your other professional advisors with a view to ensuring that you obtain the maximum possible advantage.
We summarise the key changes below:
- A change to the Standard Lifetime Allowance (SLA)
- Fixed Protection 2014
- Personalised Protection
- A fall in the Annual Allowance (maximum pension contribution rate)
- A rise in the Capped Drawdown Limits on pensions in payment
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