Pension Changes

Financial Secretary to the Treasury, Mark Hoban MP has announced a series of changes to the pension rules.

The main changes include: - for 2011/12 the amount of the annual allowance will be reduced to £50,000 (from the current £255,000) - the method of calculating the amount of pension input amounts will be changed - there will be rule that allows carry forward of unused annual allowance from the last three tax years, and from April 2012 the lifetime limit will be reduced to £1.5m.