Pensions ‘in-depth’: tax relief and annual allowances

Paul Kennedy and Paul Squirrell, our tax and pension experts, take an in-depth look at the law and mechanisms underpinning tax relief on pension contributions and matters relating to annual allowances, tapered annual allowance and the annual allowance tax charge. 

The hour-long discussion goes beyond a peripheral overview of the subject to look in more detail at some of the intricacies that can arise under pension laws.

Areas covered in this video:

  • 00:01:21 >> Tax relief on contributions; individual and employer; maximum amounts; relevant earnings; method and operation. 
  • 00:12: 28 >> Annual allowances, including the relevant tapering provisions applicable to certain individuals. 
  • 00:34:38 >> Carried forward annual allowances and ensuing considerations. 
  • 00:39:12 >> Money Purchase Annual Allowance and ‘trigger’ events. 
  • 00:48:00 >> Annual allowance tax charge and methods of payment (including scheme pays and scheme pays regulations). 

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Supporting annual allowance and tax relief calculations – ‘at a glance guide’

Amongst its many uses, the Pension Summary Report contains helpful summary information to assist your calculations and other processes associated with tax relief and annual allowances.

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Introducing your Pension Summary report

Our complete guide about all you need to know about your client’s pension accounts at a touch of a button.

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Tapered annual allowance

Here we look at who might be affected, what constitutes ‘adjusted’ and ‘threshold’ income, how to assess the impact for clients and the planning implications for pension saving.

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The annual allowance charge - Scheme Pays

Paul Squirrell provides a step-by-step approach to calculating clients’ annual allowance charges. He also explains the two types of Scheme Pays, mandatory and voluntary and the process and deadlines for Voluntary Scheme Payments available with our Pension.

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Guides to aid your client discussions