Pension lifetime allowance - risk to your wealth?
A couple of years ago, the pension lifetime allowance dropped to £1 million, £0.25m lower than the previous allowance (and the lifetime allowance was £1.9 million only a few years before that!).
Those earning between £150,000 and £210,000 a year also now face a tapered annual allowance for tax relief, from £40,000 to £10,000.
The implications for your highest paid staff are potentially enormous if they inadvertently breach these allowances. They could face a demand of thousands more in tax when they get their tax bill – perhaps even tens of thousands.
The problem is that many companies are still completely uncertain about the implications for their own pension strategy, and what their responsibility is to their employees. Everyone is waiting to find out how their competitors and peers handle it, before deciding what approach to take themselves.
How we can help...
That’s why we decided to carry out a survey of 50 London-based businesses in the financial services sector, to find out what steps they had taken in response to the change in the pension lifetime allowance, available when you sign up to our Premium Centre today.
What our survey covers:
What % of companies have not dealt with the issue at all
The solution that majority of companies have instituted
The solution employed by nearly a third – which actually penalises employees earning less than £210,000
….and much more.
We’ll give you access to a treasure trove of resources you can use to help manage your pension scheme more easily and efficiently, such as videos to help encourage your staff to save more, information on how to change your staff’s behaviour around workplace pensions and savings, white-papers, market insights, quarterly bulletins, exclusive event invites…
– and so much more.
So how do you sign up? All you have to do is sign up by clicking the button below, and we’ll send your login and password details to access this report to you, and to all our other great content
We won’t send you marketing messages you don’t want, just notifications when there’s a new piece of content in the database.
Topics: Pension Lifetime Allowance