“In March’s Budget, the Chancellor announced that instead of increasing in line with inflation, the pensions Lifetime Allowance will be frozen at its current level for the next 5 years. Whilst it was not a complete shock that some changes to the tax treatment of pensions were announced, after all this is a common prediction in the run-up to most Budgets, it does mean that more people will face some ‘additional’ tax on their pensions when they start drawing the benefits. Clearly this is not good news for those affected but there are, in many cases, ways to minimise the tax by planning how, and when, you draw the money from your pensions.

If you think you might be affected by this change and wish to understand what you can do to minimise the tax payable, please speak to Gary Mothersill or me, Ian Dowdell.