The changes to the pension rules announced in the March Budget offer significant tax planning opportunities particularly relevant to higher earners and people approaching retirement or who have already retired and have income from various sources. We thought it would be helpful to summarise the main changes and explain how you may be able to take advantage of them.
The main changes at a glance:
What hasn’t changed:
While the changes aim to encourage older, higher-paid workers, such as NHS staff, to keep working, in practice they open planning opportunities for people of all ages and income levels. Here are a few of them:
Whether you can and should take advantage of any of the changes will depend on you and your family’s financial circumstances and goals. To find out more please get in touch with your usual MKC independent financial adviser.
30 June 2023
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