According to statistics recently released by HMRC, the number of pension savers who have contributed more than the annual allowance on pensions has more than tripled in the last year. The figures show that in the 2015/16 tax year, the total number of individuals who declared an annual allowance breach was 5,430 with the value of contributions exceeding the limit, coming in at £179m. The latest figures for 2016/17 showed that 16,590 people breached the limit with the value now jumping to £561m.
One of the reasons for the jump is that in 2016/17 the tapered annual allowance for high earners came into effect. This will create significant extra revenue for HMRC and is likely to continue to increase year by year, in particular with the reduction in the money purchase annual allowance to £4,000 which took effect April 2017.
https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/744152/PEN7.pdf
If you need advice on the annual or lifetime pension allowance you can speak to one of our Independent and Chartered advisers who can help.
Annual Pension Allowance
03 October 2018 - Elizabeth O'Hanlon
Related news

Insurance for Pride marches
19 May 2022 - Joely Burrows

It’s only large charities that need an audit – isn’t it?
09 May 2022 - Joely Burrows

Cyber-security Fundamentals
05 May 2022 - Joely Burrows

Charity Event Insurance – What do you need to know?
28 April 2022 - Joely Burrows

Beware what lies beneath!
25 April 2022 - Joely Burrows

Ease the Pain of Flooding
20 April 2022 - Joely Burrows
Get in touch for forward-thinking, impartial advice
With offices in Cambridge, Colchester, Diss and Ipswich, we’re close enough for personal meetings with clients from anywhere across the East of England. Got something on your mind? We’ll be happy to listen and give you our thoughts.
Call us on 0330 058 6559
Email us at hello@scruttonbland.co.uk
