Pensions & New Contribution Legislation

The government encourages you to save for your retirement by giving you tax relief on pension contributions. New regulations brought out earlier this year will allow everyone to contribute up to £50,000 per year and receive full tax relief at up to 50%. That includes high earners.

For those earning less than the £130,000 threshold, a financial contribution under the outgoing rules of up to £255,000 may be possible. To ensure that the Pension Input Period (PIP) allows this, careful consideration will be required.

The report outlined some key changes to be aware of: