Pension Changes

The new Government is changing the contribution limits on pensions. Here's a brief summary of the key changes:

• From April 2011 the annual allowance will reduce to £50,000 (fixed until tax year 2015/2016)
• Contribution to NHS pension schemes will be valued using a factor of 16
• Tax relief will be available at dentists' marginal rate
• Where dentists exceed the annual allowance in a given year, unused allowance from up to three previous years will be available
• The lifetime allowance (LTA) will reduce to £1.5m from April 2012, although dentists that have already funded their pensions on the current LTA can apply for fixed protection before 6 April 2012.

Confused? Help is at hand as our advisers have a detailed understanding of the NHS pension scheme and the impact of the above changes for UK dentists.

If you want further information or just to discuss your situation please call us on 0121 685 5060.