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06/04/2006
Pension tax simplification comes into effect
Rules aimed at simplifying the pension tax system have come into force today.
From April 6, dubbed 'A-Day', the numerous tax rules governing pensions will be replaced by a single regime.
The new regime is designed to make pensions more understandable, making it easier for people already saving for retirement and more accessible to those wishing to start.
Under the new rules, people will be able to save in more than one pension scheme for the first time. There is no limit on the amount of money people can save in a pension scheme or the number of pension schemes they can take out - although there are some limits on the amount of tax relief that can be claimed.
Under the new rules, tax relief will be given on amounts up to £215,000 per year or an individual's total yearly salary, whichever is the smaller.
A Lifetime Allowance - £1.5 million rising to £1.8 million in 2010 - will also apply to tax relief available.
The government hopes that the new regime will encourage more people to save in a pension.
However, research group Datamonitor suggested that the new rules would be more likely to encourage wealthier people to invest more in their pensions, rather than those on lower incomes.
(KMcA/SP)
From April 6, dubbed 'A-Day', the numerous tax rules governing pensions will be replaced by a single regime.
The new regime is designed to make pensions more understandable, making it easier for people already saving for retirement and more accessible to those wishing to start.
Under the new rules, people will be able to save in more than one pension scheme for the first time. There is no limit on the amount of money people can save in a pension scheme or the number of pension schemes they can take out - although there are some limits on the amount of tax relief that can be claimed.
Under the new rules, tax relief will be given on amounts up to £215,000 per year or an individual's total yearly salary, whichever is the smaller.
A Lifetime Allowance - £1.5 million rising to £1.8 million in 2010 - will also apply to tax relief available.
The government hopes that the new regime will encourage more people to save in a pension.
However, research group Datamonitor suggested that the new rules would be more likely to encourage wealthier people to invest more in their pensions, rather than those on lower incomes.
(KMcA/SP)
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