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Saving for a jigsaw

A wide variety of tax-free investments that together form a strong collective are waiting to be utilised by private clients

21 March 2016

In April last year, the pension freedoms introduced flexibility around pension income withdrawal. This was seen as a massive positive within the retirement industry. However in April 2016, the lifetime allowance will drop to £1m.

In addition, the annual allowance has been reduced to £40,000 for those who earn under £150,000. Those earning over this amount lose £1 of annual allowance for every £2 earned over £150,000 to a maximum reduction of £30,000, which will mean anyone earning over £210,000 will have an annual pension allowance of £10,000. If you believe the rumours, George Osborne may limit higher rate tax relief on pension contributions in the March budget.

Because of these changes, a pension is now just another tax wrapper like ISAs, offshore bonds, an open-ended investment company (OEICs), venture capital trusts (VCT) and ...

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