On 6th April the Finance Act 2015 takes effect. It brings in legislation which may have a material impact on the pension plans of the nation’s highest earners, directors and senior management. Equally, it also poses a threat to the final pension value for some middle-income earners.
Looked at alone, each of April’s new laws will have far-reaching effects. Taken together, they could have an adverse impact on peoples’ long-term financial futures in the form of:

a £137,500 (1) tax liability if an individual, or their employer, make a single contribution into the pension in question after the 5th April, (this is because the pension could already be ‘full up’ under the new rules);
an unforeseen tax bill of up to £13,500(2) for the coming financial year alone; and
funding restrictions that could leave individuals up to £1million (3) worse off at retirement.
Secondsight, part of Foster Denovo Limited, has launched two e-books, to guide individuals and employers through the impact the changes to the tapered annual allowance and the reduction of the lifetime allowance may have.

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