Annual allowance

The maximum pension contribution on which tax relief is allowed is also changing. With effect from 6 April 2011 a new limit of £50,000 p.a. will apply to personal pensions and other defined contribution schemes, whether the payments are made by the individual or his or her employer, and any excess will be subject to tax. Final salary schemes will be subject to more complicated restrictions aimed at achieving a similar result.

The contents of this article are intended for general information purposes only and shall not be deemed to be, or constitute legal advice. We cannot accept responsibility for any loss as a result of acts or omissions taken in respect of this article.
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Mike Cracknell APFS, ACIB, AIFP
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Essex
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