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Limits for high earners

In April 2006, the Government brought in wide ranging changes to the tax regime surrounding pensions - A Day as it was called. Many of the options you will find on this website, such as topping up your benefits or taking a bigger lump sum are now open to more members thanks to this new tax regime.

But this tax regime also imposes certain limits, for example on the size of your ‘pension pot’. If you are a high earner, there are two key limits you should know about. These are the Annual Allowance and the Lifetime Allowance.

High earners

2009 & 2010 Budgets – Limiting Tax Relief

0n 22 April 2009 the Government announced new rules that apply from that date regarding higher rate tax relief on pension contributions for high earners. These were updated in the Pre-Budget Report in December 2009 and in the 2010 Budget. The HMRC has produced some Guidance for Individuals regarding these changes and the LGE has also published a leaflet: please see the links below.

The issues involved are complex and relate to personal taxation. The Pensions Office cannot therefore provide any personal guidance or advice. Having considered your own position however, you may wish to take your own personal independent advice.

* hmrc.gov.uk External link
* lge.gov.uk External link

* More about the Lifetime Allowance
* More about the Annual Allowance
* More about Topping up your Benefits
* More about taking a bigger lump sum

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Pensions Office, Concord Suite, Manchester Road, Droylsden , M43 6SF Helpline: 0161 301 7000 Email Us: mail@gmpf.org.uk