Welcome to the first in a series of bulletins detailing the impact of the coming changes in pension legislation on high earners – executives and other senior employees. 6 Apri1 2005, or A Day, is expected to see the biggest pension shake up in living memory.
Towards the end of 2002, the Government issued its proposals for the future tax treatment of pensions. It is clear that the proposals, if implemented, will radically alter pension provision for all. For high earners, there could be far reaching consequences. Actions taken or omitted now may impact significantly on future tax bills. The remainder of this bulletin will consider specific cases where action may be appropriate.
The changes will affect all individuals with pension savings, whether they have occupational pensions, Personal Pensions, Stakeholder Pensions or old Retirement Annuity policies. Companies will be able to pay far larger pension contributions than before for some individuals, while for others there will be no
