- Type: Business and industry issue
- Date: 22/07/2013
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.
KPMG in the UK
020 7311 3103
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