There have been many changes to the pension legislation since ‘A day’ in 2006 which hailed the start of Pension Tax Simplification.
Please note:
The limits have changed for annual allowance tapering and the lifetime allowance since the publication of this TAXguide.
Overview
The aim of Pension Tax Simplification was to reduce the complicated patchwork of legislation built up by successive administrations which were seen as acting as a barrier to the public when considering retirement planning. The government wanted to encourage retirement provision by simplifying the previous eight tax regimes into one single regime for all individual and occupational pensions.
This guide is intended as a roundup of some of the changes to registered pension schemes since 2006. It is not intended to be a definitive guide to pensions, more an index alerting the reader to changes that perhaps require further research.
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