April 2011 pensions tax changes
From 6 April 2011, the Annual Allowance (the yearly amount of pension savings you can build up in registered pension schemes before a tax charge arises) reduced from £255,000 to £50,000. The value of any registered pension scheme savings (ie, tax approved pension savings) in excess of this Allowance will be taxed at the employee’s marginal rate of income tax.
Please refer to the April 2011 pensions tax changes leaflet for more information on these changes.
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