New changes to pension and annual lifetime allowances

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, likely to affect many dentists.

Even those not paying this amount directly into a pension scheme are likely to be affected, as any benefits or tax relief will be added to the value of the pension and 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.

With the help of Independent Financial Advisers (IFAs), dentists be certain that they will not exceed these thresholds. Providing helpful professional independent advice specifically tailored toward dentists. money4dentists are highly respected in the industry, with many years’ experience to provide reliable solutions and straightforward guidance. Contact the team at money4dentists to arrange a pension review to ensure you are maximising your tax relief, whilst minimising the risks.

For more information please call 0845 345 5060, email info@money4dentists.com or visit www.money4dentists.com