Here we go again, more pension changes http://www.ascotlloyd.co.uk. but this time there's some good news !
On 14 October 2010 and again a few days ago, new pension rules were introduced that will take effect from 6 April 2011. These include:- No compulsory annuities at age 75
- Reduced tax on death benefits for those aged 75+
- Lifetime allowance to reduce from £1.8 million to £1.5 million (from April 2012)
- Annual contribution allowance to be cut from £255,000 to £50,000
- The new £50,000 annual contribution allowance can be carried forward for 3 years
- Higher earners WILL get higher rate tax relief on pension contributions (subject to limits as above)
- Maximum income from unsecured pension funds (USPs) will be 100% of Government limits, regardless of age
- Tax free lump sums can be taken at any time after age 55, and no longer have to be taken by age 75
Many of these changes are great news, especially for high earners, because... (more at http://www.ascotlloyd.co.uk) |
