Category: HMRC

Important – Reduction of Pensions Lifetime Allowance

If your pension savings are worth – or are likely to be  – more than £1 million you may need to protect your pension savings from the lifetime allowance tax charge. What is the lifetime allowance? The lifetime allowance is the amount of savings you can take from your pension schemes without facing a tax charge. […]

Budget 2014 Important Changes to Pensions

The Chancellor announced a number of important changes in this year’s Budget: increasing the maximum income from 120% of the Government Actuary Department’s (GAD) table to 150%; the minimum income requirement for flexible drawdown is now £12,000; a maximum of 3 (previously 2) small pension pots up to £10,000 (previously £2,000) can be taken as […]

Fixed Protection 2014: IMPORTANT, Action may be Required by 5/4/2014

With effect from 6/4/2014 the Lifetime Allowance (the amount you are allowed to accumulate tax-free in UK pension schemes) is being reduced from £1.5m to £1.25m. To protect those with pension funds that exceed – or are likely to exceed – £1.25m, another form of protection has been introduced, called Fixed Protection 2014, which preserves […]

HMRC Publish Pension Schemes Newsletter No 53

HMRC publish pension schemes newsletter no 53 on various matters from the 2012 budget:

Annual Tax Allowance Change

The Government today announced changes to the annual allowance for tax relief on pensions. The annual allowance for tax relief on pension savings for individuals will be reduced from £255,000 to £50,000 from 6 April 2011. They have also announced that the lifetime allowance will be reduced from £1,800,000 to £1,500,000 from 6 April 2012.