Have you exceeded the maximum annual pension limit?
Pension providers will soon be sending annual allowance pension statements for the 2013/14 tax year to all pension scheme members contributing more than £50,000 per year to a pension scheme.
The annual allowance has been reduced from £50,000 to £40,000 from 2014/15 onwards.
On receipt you will need to check whether you have an annual allowance tax liability.
Remember to check whether you have any carry forward relief for any unused allowance for any of the 3 previous tax years.
This relief is available provided you were a member of a registered pension scheme, or qualifying overseas pension scheme, at some time during all of the previous 3 tax years.
If you are concerned about your pension position and perhaps think you may have additional tax to pay, please call us to discuss. We would be happy to undertake a review of your pension position.
