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Claire Trott: "The AA charge assumes that all tax relief on the contributions has been claimed. If the tax relief isn't claimed then the AA charge will mean the member is out of pocket."
Claire Trott looks at the consequences of breaching pension contribution limits in her latest article for Professional Adviser...
Contributions are sometimes paid which exceed the amount the member can reclaim tax relief on or which are in excess of their annual allowance (AA) after carry forward. What can happen depends on the circumstances...
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