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Report: Changes to pension tax relief

Aon's paper sets out the latest changes to pension tax relief, as announced in the 2015 summer Budget.

Changes to pension tax relief

Key changes:

  • From the 2016/17 tax year, individuals with income deemed to be more than £150,000 will be subject to an Annual Allowance of less than £40,000.
  • From 6 April 2016, the Lifetime Allowance will reduce from its current level of £1.25m to £1m. However, the government has committed to increasing the Lifetime Allowance each year in line with inflation (starting from 6 April 2018).
  • Considered together, the changes may encourage some individuals to consider alternative means of saving for retirement outside of traditional pension savings, particularly those earning over £150,000.

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