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