Annual Allowance Guidance
The government announced on 14 October 2010 that, from 2011-12, the annual allowance for tax relieved pensions savings for individuals would be reduced from £255,000 to £50,000.
You can find guidance aimed at pension scheme members on the changes to the annual allowance for pension schemes from 2011-12 onwards by following the links in the 'further information' section.
Full guidance on how the annual allowance works can be found in chapter 6 of the Registered Pension Schemes Manual (RPSM), as follows:
Basic guide to how the annual allowance will work
How does the reduced annual allowance affect me?
Telling HM Revenue & Customs
Overseas pension schemes
Paying an annual allowance charge from pension savings
Examples
If, after reading this draft guidance, you have further questions your employer (for those in workplace pension schemes), your financial adviser or your pension scheme administrator may be able to help. If you still have any questions after contacting your employer etc please contact the Pension Scheme Services Helpline.
