Pensions

New rules regarding pensions were introduced with effect from 6th April 2006.

Pensions became much simpler to understand, following some important changes to the tax rules that were introduced on 6th April 2006 (sometimes called A-Day). The aim of this page is to explain the main changes. As Chartered Accountants we can give independent and unbiased advice on future pension strategy whether you are an employer, an employee or you are self employed.

The new rules do genuinely have the simplifying effects that the Inland Revenue intended. But a few aspects have turned out to be very complex, and in some cases are so crucial that you may need to make a reappraisal of your financial planning strategy.

To find out more click the links below:

What has not changed

New contribution limits

Maximum fund value and benefits

Tax free lump sums

Carry back of contributions

When you can retire

Death benefits before retirement

Income in retirement

Investment rules

Penalties

An Action Checklist

Alternatively, if you would like to download the full memorandum as a pdf file please click here.

Regulated by the Institute of Chartered Accountants in England and Wales for a range of investment business activities.