Important pension and tax changes- Action may be required by 5 April( or 16 March) at latest

We want to let you know of some important changes that could affect you, or someone in your close circle of friends or family. This April, the new Finance Act takes effect. It brings in a range of legislation which may affect your retirement plans.

These changes relate primarily to the lifetime allowance (being reduced to £1 million) and tapered annual allowance (affecting anyone with adjusted earnings over £150,000 p.a.).

Find out if you may be affected:

Foster Denovo, a firm of financial advisers, has created a guide that will help you understand the changes and the impact they may have on you and your family. It also covers what you should be thinking about - now. Let us know if you would like to receive a copy.

You may need to protect your interests in the small window between now and 5th April. This is important if:

• You are a higher or additional rate taxpayer and want to maximise a ‘one-off’ pension contribution opportunity with full tax relief. We suggest this is done by 16 March Budget Day when key announcements are expected.
• You have a large pension fund which could be in excess of £1 million (close to £1.25 million)by yourlikely retirement age, so must take action in this tax year.
• You are the member of a final salary/occupational pension scheme.
• You have a large level of death in service benefit.
• You are an employer with staff who may be affected by the changes.
• You can contact us to discuss your concerns and we will put you in touch with a local Foster Denovo financial adviser.

Longer term, Foster Denovo can also advise you on new ways to approach efficient retirement planning.

Foster Denovo Limited is authorised and regulated by the Financial Conduct Authority.