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Breaching the Tapered Annual Allowance Limits

 

This article illustrates some of the key considerations affecting high earners taking pension options with the new tapered reduction to the annual allowance.

The new tapered reduction to the annual allowance makes it essential for high earners to consider the impacts of their options to take pension benefits. Unintended consequences could range from annual allowance excess charges, income tax charges and lifetime allowance charges to increased liability to inheritance tax (IHT). The flow chart below illustrates some of the key considerations and how they may impact the client. This is designed as guidance only and is not a comprehensive solution.

 

Created May 2016

For financial advisers only. Not to be relied on by consumers.


 

 

 

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