High earners could find themselves footing large tax bills as a result of reduced pensions annual allowance (AA) and llfetime allowance (LTA).
The limit on the annual amount of tax relievable pension savings, the AA, is tapered to as low as £10,000 for those with total taxable income and value of pension savings in a defined benefit (DB) scheme or contributions in a defined contribution (DC) scheme for the tax year exceeding £210,000.
The LTA for 2018/19 is £1.03 million and is expected to increase annually by the Consumer Prices Index.
We carried out a survey of how companies have geared up to assist their high earners mitigate the impact of the tapered AA and reduced LTA from 6 April 2016.
To find out more, please download the briefing note below.