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Annual allowance: Big tax bills aren’t the only issue that needs fixing

Close Brothers Asset Management

In 2016-17 a record 18,930 people reported a breach of their annual pension allowance, compared with just 7,150 the previous year.

That’s an increase of 164%, and this number is set to grow as the Government seek to make further cuts to higher-rate pension tax relief.

Even if your higher earners are now confidently avoiding the pitfalls of breaching their annual allowance, with their pension contributions limited to £10,000 a year, what are they doing instead to save for retirement?

And who is helping them to navigate the world of investments outside the protection of their workplace pension.

With new employees being caught by these allowances every year, this is an annual problem that needs fixing.

Communications not only needed to help people understand the problem, they also need to be guided through their alternative savings options so they don’t lose valuable time and money in planning their financial future.

At Close Brothers, we have been providing financial education to the employees of some of the UK’s best known employers for almost 50 years.

We recognise that people need access to information via a range of methods including face to face seminars, webinars, online and video, helping people to make the most of their finances.

If you have any questions or would like to speak to a member of our Financial Education Team, please call 0800 028 0208 or email financialeducation@closebrothers.com

Source: www.pensionsage.com/pa/Lifetime-allowance-tax-take-increased-by-2000-per-cent-to-102m