The Budget 2011 Pensions and retirement

The Government announced on 14 October 2010 that the annual allowance for tax relief on pension savings for individuals will be reduced from £255,000 to £50,000 from 2011-12, and the lifetime allowance will be reduced from £1.8m to £1.5m from 2012-13.

Legislation will also be introduced in Finance Bill 2011 to remove the effective requirement to buy an annuity with your pension fund by age 75 from April 2011.

In the Budget, the Chancellor announced plans to make the state pension system more simple is proposing a flat rate state pension worth around £140 per week for all contributors.

 

 

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