Once again the Annual and Lifetime pension allowances are changing.For the 2014/2015 tax year the Annual Allowance in the UK will be £40k, which is £10k less than the previous year. This is likely to affect many dentists, as even if not paying this amount directly into a pension scheme, any benefits or tax relief will be added to the value of the pension which could push it over the annual limit.
Similarly the Lifetime Allowance has fallen from £1.5m to £1.25m. This figure may not set alarm bells ringing at the moment, but depending on investment strategy and number of years before retirement, this could be a real possibility. Only with the help of Independent Financial Advisers (IFAs), can dentists be certain that they will not exceed these thresholds.
Luckily money4dentists is on hand to assist, providing helpful professional independent advice specifically tailored toward dentists. Highly respected in the industry, the team utilise their many years’ experience to provide reliable solutions and straightforward guidance. To arrange a pension review to ensure you are maximising your tax relief whilst minimising the risks, or for more information, call 0845 345 5060, email email@example.com or visit www.money4dentists.com