Maximising pension contributions

Over recent years, there have been a number of attacks on the pension tax reliefs, culminating with the announcement in the 2012 Autumn Statement that the annual allowance and the lifetime allowance will be reduced to £40,000 and £1.25 million respectively from 6 April 2014. Despite the reductions in the pension tax reliefs, pensions generally still are the most tax-efficient means of providing for retirement and full advantage should be taken of such reliefs in 2012/13 tax year. Any pension contributions paid personally will normally be tax relievable at the highest marginal rate(s) ...