Reducing the annual and lifetime allowances for pension saving

This note examines the coalition government's measures to restrict the availability of tax relief on pension saving by reducing the annual and lifetime allowances. As well as looking at the circumstances in which an annual allowance charge is triggered, the note highlights some key practical issues for trustees and employers.

Note: the draft Finance Act 2004 (Registered Pension Schemes and Annual Allowance Charge) (Amendment) Order 2015 has now been made and came into force as SI 2015/80 on 28 January 2015. This note is in the process of being updated, in the meantime see Legal update, Annual allowance charge: technical changes come into force.


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