The
amount that an individual can accrue annually into their pension, whether this
be from employer or personal contributions will be dropping with effect from the
6 April 2014. The drop is significant – 20% or £10,000 - from £50,000 per annum
to £40,000 per annum, with no indication as to when or if the limit will be
raised again. WWFS believe that whilst austerity is the main driving force
behind key Government economic decisions the limit on pension contributions
(and therefore tax reliefs associated) is likely to be under pressure for the
foreseeable future.
It
is therefore important that if you have excess cash on deposit or if your
cash is the main business asset, it may be sensible to take advantage of the pension
carry forward rules before the change.
Please contact Ward Williams Financial Services on 01932 830664, or visit us at www.wardwilliamsfs.co.uk for more information.
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