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Budget June 2010 - Pension Changes

Budget June 2010 - Pension Changes
Wednesday, 23 June 2010 07:36

State Pension

From April 2011 State Pension benefits will be increased each year by at least 2.5%. Under a 'triple lock' pensions will rise by a minimum of 2.5% or in line with earnings or prices, whichever is the greater.

Pension contributions

The annual allowance (the maximum allowable contributions in any year), currently £255,000, is to be reduced from April 2011 as part of a simplification of the previous proposals intended to limit higher rate tax relief for contributions. The Government will discuss the changes with interested parties but anticipates that a reformed annual allowance may be in the region of £30,000 to £45,000.

 

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