Getting to grips with the new pension rules

Course outline

With people living to a much greater age, successive governments have been trying to encourage people to save for the future. The changes in 2015 in particular allowed  more flexibility but the system remains horrendously complex. The changes in Finance (No.2) Act 2023 to the Lifetime Allowance Charge have provided new opportunities for those with large pension funds and the increase in the Annual Allowance will allow most individuals to save more in their pension each year.

Who should attend

Partners and staff involved in the provision of advice to clients particularly in the area of retirement planning and estate planning.

Course content 

• The Annual Allowance and the charge when the limit is exceeded
• Restricted Annual Allowance for individuals with high income
• Defined Benefit and Defined Contribution schemes
• Scheme Pays elections
• Implications of the abolition of Lifetime Allowances charge
• Consequences of protecting the Lifetime Allowance
• Planning advice –
  • Pensions as part of tax-efficient extraction from the family company
  • Third party contributions
  • Pensions as a part of estate planning
  • “My business is my pension scheme” – CGT BAD relief on sale