Anti-forestalling limit will rise to £30,000

Originally, those earning more than £150,000 would be limited to a £20,000 tax free pension contribution unless they could prove they regularly committed a higher amount. Stephen Timms, financial secretary to the Treasury, tabled the amendment to the Finance Bill 2009 to raise the contribution limit on Friday to £30,000 and to implement a different way of calculating contributions. The upper limit for contributions will now be the smaller of the new £30,000 limit or the average of an individual’s last three years’ of contributions for those who do not make 'regular' contributions. The AB...