United Kingdom

Details

  • Type: Business and industry issue
  • Date: 22/07/2013

Pensions tax changes 2014 - doing nothing is not an option 

The annual allowance, which limits the amount of tax-relieved pension savings an individual can make in any year, is coming down from £50,000 to £40,000. And the lifetime allowance, which sets a limit on the amount of tax-relieved pension savings an individual can build up over their lifetime, is reducing from £1.5m to £1.25m.

 

Different people will be in different situations, some with difficult decisions to make, and plenty who will have to make those decisions before April 2014.

 

The graphic above explains what three typical employees – each at a different stage in their career – might need to think about in light of these changes.  Please contact the Pensions Tax Changes team to discuss your circumstances, either as an employee or an employer.

 

 

What's your view?

 

Share this

Share this

Contact

David FairsDavid Fairs

Partner

KPMG in the UK

 

020 7311 3103

Email David

 

Watch our videos

An introduction to Pensions tax changes

 

An itroductions to pensions tax changes

 

Pensions tax changes - doing nothing is not an option

 

Pensions tax changes - doing nothing is not an option