How does Autumn Statement affect pensions?
The Autumn Statement on 5th December 2012 announced changes to the rules around UK pensions.
There are two changes:
- The lifetime allowance for pension savings will be cut from £1.5m to £1.25m and
- The pension annual allowance will be cut from £50,000 per annum year to £40,000 per annum.
These changes will not take place until April 2014. This means there is time to plan for the changes.
It is crucial to get expert professional advice on pensions as the rules can be complicated. Why not contact us today and find out how our expert advice can help you plan for your retirement with confidence. We offer a free initial consultation on a no obligation basis.
A pension is a long term investment. The fund value can fluctuate and go down. All information is based on Farrell Financial Planning’s understanding of UK law & HMRC practice in the UK. Tax and legislation are subject to change.