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In this Review we look at the information that now needs to be provided to members of registered pension plans who exceed the Annual Allowance, and the requirement for trustees to meet resulting tax charges from pension plan assets (known as ‘scheme pays’
HMRC has indicated that pension plan trustees can retrospectively change Pension Input Periods up until the point that the Finance Bill 2011 receives Royal Assent (which is currently expected sometime in July
With effect from 6 April 2011 individuals with an income of £180k or more will become subject to legislation which is designed to reduce the value of the tax relief on their pension contributions to registered pension plans from 50 to 20
