Make Pension Contributions now
High earners should make the most of pension contributions now. The Chancellor further tightened the Budget 2009 pension tax relief rules in December’s Pre-Budget Report. So now any pension benefit contributed by an employer or third party will be taken into account when calculating whether your income exceeds £150,000. This means more high earners being caught by the pension rules (perhaps unknowingly).
Also, the Chancellor extended the pension relief restrictions, which prevent individuals from making large irregular annual pension contributions before 6 April 2011, to include those earning £130,000 (where an employer’s contributions takes them above the £150,000 income level).
Contact Mark Busby on 01344 620495 or mark.busby@dbsellek.co.uk for ways to maximise pension relief and reduce income tax.
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