Changes to the pension legislation and how it can benefit you

This removed some of the perceived penalties for making new contributions as well as the tax penalty for those who were deemed to have too much in their pension.

The new labour government pledged to conduct a pension review once in power but so far have also said they wouldn’t reintroduce the LTA.

The good news and your next steps

The good news is that the LTA changes can be of benefit to anyone, regardless of your age, what industry you may or may not work in or your employment status.

It’s now a great time to review your pension to assess whether it is on track to meet your needs and whether you’re making full use of the additional tax planning now available.   

Tax treatment varies according to individual circumstances and is subject to change.

Taxation advice is not regulated by the Financial Conduct Authority.

References:

Approver Quilter Wealth Limited, Quilter Financial Limited, Quilter Financial Services Limited & Quilter Mortgage Planning Limited. Quilter Financial Planning Solutions Limited. July 2024