With effect from 6 April2011many of the rules relating to pensions have been changed.
There is no limit on the amount that may be contributed to a registered pension scheme. The maximum amount on which an individual can claim tax relief in any tax year is the greater of the individual's UK relevant earnings or £3,600.
If total pension input exceeds the annual allowance of £215,000 there is a tax charge at 40% on the excess. This limit does not apply in the year that full pension benefits are taken.
*Subject to transitional protection for excess amount.
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