Given recent legislative changes to pension funding your overall pension pot can be subject to tax penalties (NHS & Private) if you breach the Lifetime Allowance. In addition we have also seen the Government reducing the annual contribution to £40,000. These new changes are affecting a number of NHS Professionals.
If these rules are affecting your pension funds then there may be alternative tax effective solutions to complement your existing pension provisions. The more traditional routes of tax effective pension provision are being questioned. Perhaps now is a prudent time to re-appraise these more traditional routes as there are alternative methods to maximise tax efficiency.
The levels and bases of taxation and reliefs from taxation can change at any time and are dependent on individual circumstances.