10 / 7 / 2015 4pm
The Summer 2015 Budget announced a change to the current pensions annual allowance from April 2016.
The change will see the introduction of a pensions tapered annual allowance. The intention of the change is to reduce pensions tax relief for high earners by introducing a tapered annual allowance for those with adjusted incomes (salary and employee and employer pension contributions) of over £150,000.
Read more about what these changes mean on our pensions contributions and tax web page.
Draft legislation to implement these changes will be published in the Summer Finance Bill 2015.
Please note, the Budget also confirmed the announcement that the lifetime allowance will be reduced to £1million from April 2016, read more on our pensions contributions and tax web page.