Pensions and Tax
The Government brought in a new set of rules for pension schemes from 6 April 2006. The new simpler rules replaced the current rules.
The changes allow schemes to relax many of the contribution and benefit limits. There will be two main controls on the amount of pension savings a person can have – a Lifetime Allowance and an Annual Allowance. These controls will mainly affect higher paid people such as those earning £100,000 or more a year.
The new tax rules mean that the scheme will have to make some changes. They will also allow the scheme to relax certain limits but this will only happen if the scheme rules are changed.
Office notices
