In his March Budget, the Chancellor announced a number of changes to the pension tax rules, including an increase in the annual allowance and the abolition of the lifetime allowance. We have summarised some of these changes and how the may affect you below. Annual allowance The annual allowance places a...
Pension savings can be tax efficient if done correctly as contributions to registered pension schemes attract tax relief up to certain limits. limit on tax relief Tax relief is available on private pension contributions of 100% of earnings or £3,600, whichever is the greater. This is subject to the annual allowance cap. Tax...
A SIPP is a self-invested personal pension which is set up by an insurance company or specialist SIPP provider. It is attractive to those who wish to manage their own investments. Contribution to a SIPP may be made by both the individual and, where appropriate, by the individual’s employer. investments The range...
An increase in the minimum contributions employers and their staff must pay into their automatic enrolment workplace pension scheme took effect from 6 April 2019. From that date, the employer minimum contribution has risen from 2% to 3%, while the staff contribution also increased from 3% to 5%. As part of...
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