Following my last Blog on the Special Allowance, there has been an update following various lobby of the Government about the £20,000 limit.
Lobbying is continuing over the definition of what should be allowed as an ‘average’ contributions in the past 2/3 years, as an example, taking into account quarterly contributions. I will endeavor to keep you posted, although it appears that the £20,000 ceiling will stay in place.
It is interesting how pensions legislation and the pressures on employers to save for their employees are seeing other effects in the pensions industry, such as the closing of many final salary pension schemes (Defined Benefit Schemes), with the favouring of Money Purchase/Group Personal Pension options as alternatives.
Churchouse Financial Planning Limited is authorised and regulated by the Financial Services Authority
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