New pension legislation will be introduced in the 2013 Finance BillIt was announced in the Autumn Statement that for tax year 2014/15 onwards: • the annual allowance for pensions tax relieved savings will be reduced from £50,000 to £40,000 • the standard lifetime allowance for pensions tax relieved savings will be reduced from £1.5 million to £1.25 million • a transitional 'fixed protection' regime will be introduced for those who believe they may be affected by the reduction in the lifetime allowance. Legislation will be introduced in Finance Bill 2013 to make these changes. The Government considers that these measures are expected to affect only the wealthiest pension savers as 98% of individuals currently approaching retirement have a pension pot worth less than £1.25 million which is the revised level of the lifetime limit. Annual contributions made by 99% of pension savers are below £40,000, the average annual contribution being around £6,000 per annum. Please contact us if you would like any pensions advice.