Financial Secretary to the Treasury, Mark Hoban MP has announced a series of changes to the pension rules. The main changes include:
- for 2011/12 the amount of the annual allowance will be reduced to £50,000 (from the current £255,000)
- the method of calculating the amount of pension input amounts will be changed
- there will be rule that allows carry forward of unused annual allowance from the last three tax years, and
- from April 2012 the lifetime limit will be reduced to £1.5m.
Please do get in touch if you would like further information on how these changes will affect you.
Internet links: Press release HMRC Pensions rules