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Tax tinkering

05 March 2013 / Anne Redston
Issue: 4393 / Categories: Comment & Analysis , Investments , Pensions

The government provides valuable reliefs for pension premiums, but complications can arise

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  • Pension contributions attract additional relief for those at the highest marginal rates.
  • National Insurance savings are available when contributions are paid by employers.
  • Care is required to avoid the “cap trap”.
  • Calculating the annual allowance for those in defined benefit schemes.
  • Fixed protection enhanced protection and the lifetime allowance.

Just over a decade ago in December 2002 the government published a consultation document called Simplifying the Taxation of Pensions: Increasing Choice and Flexibility for all. It began “Pension planning has been an incomprehensible maze… the complexity of...

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