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ARTICLE · 07 FEBRUARY 2011

Employee Benefits Review - Spring 2011

Smith & Williamson
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On 9 December 2010 the Treasury issued further draft and updated legislation regarding a number of pension-related matters. A radical shift in pensions thinking, led by confirmation of the removal of the need to purchase an annuity by age 75 years.

United KingdomEmployment and HR
Peter Maher
Peter Maher

Editor's Note

On 9 December 2010 the Treasury issued further draft and updated legislation regarding a number of pension-related matters. A radical shift in pensions thinking, led by confirmation of the removal of the need to purchase an annuity by age 75 years.

The changes to tax relief and the reduction in the annual and lifetime allowance means that the maximum annual tax advantageous contribution is now £50,000 and the maximum lifetime allowance is restricted to £1.5m. However, for those with funds already exceeding £1.5m there is transitional protection such that investors will be able to apply for a 'personal lifetime allowance' provided he/she stops accruing benefits before 6 April 2012.

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