It's getting harder to avoid a tax charge imposed because your pension fund has grown too much.
As more and more people take advantage of flexible access to their pension savings, the number liable to pay an Annual Allowance charge is also rising each tax year. Particularly so from this year, because the 'Money Purchase Annual Allowance' (MPAA) has been slashed from £10,000 to just £4,000.
This reduced MPAA is going to catch many more over-55s who remain active pension scheme members after flexibly accessing some benefits – unless they carefully monitor their inputs.
In this latest vlog, which you can watch, listen to or read I explain who gets caught and why.
Aries Insight: we're here to help. Find out how to get the benefits – email us (click here) or call 01536 763352.