Lisa Webster: Pension allowances are in need of some magic

This is the time of year when we start reminding clients to make the most of their allowances and use surplus cash to top up ISAs and pensions. ISA allowances are pretty straightforward - £20,000 a year, split as you wish across the ISA range, with the only caveat being a maximum of £4,000 for those youthful enough for the Lifetime ISA. In contrast, pension contributions may be able to make money appear from thin air in the form of tax relief but the associated allowances are a complex beast. Clients may be subject to the standard annual allowance, tapered annual allowance or money purch...