The annual pension allowance reduces to £40,000 from 6 April 2014. Take advantage now of the pension carry forward rules in order to benefit from any unused allowances from the previous three tax years. This can generally be calculated as the difference between £50,000 and the pension input each year and can be added to your relief for 2013/14.
From 6 April 2014, the lifetime pension allowance, which determines the amount you could save into pensions and receive tax relief will be reduced to £1.25 million. Apply for fixed protection before 6 April 2014 to continue to benefit from the current £1.5 million lifetime allowance.
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