The Conservative Summer Budget 2015
Mr George Osborne announced some sweeping changes in his budget yesterday and we thought it relevant to highlight some key changes in our field.
As mentioned in our previous emails this was always on his hit list and so we have a new tapered annual allowance! In order to limit the amount of tax relieved pension savings that can be made by an individual or their employer each year, the government are tapering the amount you can put in your pension from £40,000 reducing to £10,000 for those earning above £150,000 (this includes the pension contribution). This applies from April 2016. So for earnings of more than £210,000, the maximum pension contribution will be only £10,000.
If the above tapered annual pension allowances are likely to affect you, please contact your Lewis adviser. Overall the Chancellor delivered a mixed and varied budget.
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