Pension updates

Year End Pension Planning

Take advantage of the pension carry forward rules in order to benefit from any unused allowances from the previous three tax years.  This is generally the difference between the old £50,000 limit and the pension input each year and can be added to your relief for 2014/15.  Note that the annual pension allowance is £40,000 from 6 April 2014.

For example if your pension input was £20,000 in  the 2011/12 tax year, then there is potentially up to £30,000 unused relief from that year available to add to your £40,000 2014/15 pension allowance. You would need to make gross pension contributions of at least £70,000 (£40,000 plus £30,000) to avoid losing this generous relief.

Get ready for the new flexible pension rules

For those aged 55 and over and with a SIPP or other money purchase schemes, the new flexible pension rules commence on 6 April 2015.  The new rules allow such pensioners to withdraw as much or as little income as they like from their fund but the income drawn will be taxed at their marginal tax rate.

Those affected should discuss the options with our Independent Financial Adviser, Howard Pearce who will work closely with you as the tax payable on the pension will depend upon your level of other income. Contact Howard: howard@inspire.uk.net.

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