The Finance Act 2013 brings with it yet more changes to the pension rules. The two most notable changes which will come into force on 6 April 2014 are:
- The reduction of the Lifetime Allowance from £1.5m to £1.25m.
- The reduction of the Annual Allowance from £50,000 to £40,000.
In this bulletin we will look at these changes in detail and discuss what action pension savers need to take.