Annual allowance taper confusion could 'cost pension savers thousands'

A tax relief cut for high earners, in the form of the annual tapered allowance, was announced in the summer Budget 2015 and came into force on April 6 this year despite consternation from the industry around what is seen as an overly complicated system.   People currently benefit from tax relief on an annual allowance of £40,000 but individuals with adjusted income of more than £150,000 have had their annual allowance reduced by £1 for every £2 of excess income. People with adjusted income of £210,000 or more will have their annual allowance tapered to the minimum of £10,000, according t...