7May, 2015

Newsletter – April 2015

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Budget Pension Changes George Osborne’s recent budget reduced the lifetime pension allowance to £1m and this, coupled with the limit on annual pension contributions of £40,000 (inclusive of occupational schemes), means practitioners should be diligent when it comes to their retirement planning. It may be necessary to register for individual protection to cap your fund and prevent a tax surcharge. For those with large personal pension funds approaching £1m, we can offer various solutions which include sharing the growth with your family to avoid the 55% excess tax charge. Charges […]