Pension protection
There are some government pension protection schemes available to help savers affected by the reduction to the lifetime allowance pension savings limits. Schemes such as Fixed Protection and Individual Protection can help restore your lifetime allowance to previous higher figures, provided certain criteria are met. This is a complex area and one where sadly, many […]
Lifetime Allowance
There is a limit to how much you can save into your total pension pot free-of-tax called the lifetime allowance. This was reduced to just £1million in April 2016. At first glance, this headline figure seems substantial, but as an example, a doctor on the 1995 NHS pension scheme will hit this limit with a […]
Pension contributions – will you face higher taxes?
There have been a host of changes to the taxation of pension contributions which could affect the amount of tax you pay. Without careful management, you could breach new pensions savings limits and be liable for harsh tax penalties. Annual Allowance There is a maximum amount which you can contribute to your pension each year […]