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UK gov’t to cut pension allowances for high income earners

UK gov’t to cut pension allowances for high income earners

The UK government will begin to reduce pension annual allowances for those on incomes of over £150,000 from April next year, the chancellor George Osborne announced in his Summer Budget. For every £2 of adjusted income over £150,000, the annual allowance, which is the limit on the amount of tax relieved pension saving that can be made by an individual or their employer each year, will be reduced by £1, down to a minimum of £10,000. Please link to International Adviser to read the full article by Richard Hubbard.

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