Our pension tax change services include:
- Tapered annual allowance management: Introduced in April 2016, the tapered annual allowance reduces the amount of tax-free contributions high earners can make to their pension. We help calculate your adjusted and threshold income to determine the impact of the tapered allowance on your pension savings.
- Lifetime allowance planning: If your pension exceeds the lifetime allowance, excess contributions are subject to significant tax charges. We provide strategies to help manage this threshold, including adjusting your pension savings and exploring alternative investment options.
- Scheme pays election: If a pension tax charge arises, we guide you through the process of submitting a ‘scheme pays’ request, allowing your pension scheme to cover the tax liability on your behalf. This helps reduce immediate financial burdens.
- Carry forward allowances: We help you make use of unused allowances from the previous three years to reduce pension tax charges, ensuring that no tax relief opportunities are missed.
