Course outline:
In 2023, a plethora of changes expanded the taxation benefits of pension savings, a move which surprised many after years of effective reductions combined with perennial speculation about the retention of higher and additional tax relief.
The effect of this on the Exchequer is huge reaching a gross pension income tax and NICs relief cost of 68.8 billion in 2021/22, a COVID year!
The recent changes will further increase this cost and one wonders whether some elements may have a limited shelf life following a General Election
The course examines the tax rules and any developments involved in providing for and accessing a pension.
Depending on announcements in Budget 2024 and following an expected 2024 General Election the content may be updated for new developments.
CPD Hours: 3
Course details:
Pension contributions and tax relief
- Mechanics
- The significance of net relevant earnings
Employer (Workplace) pensions
- Which tax relief method ?
- Common mistakes
- Auto enrolment developments and points of interest
The Annual allowance (AA)
- Tapered AA
- The excess charge
Understanding the Lifetime allowance
- Protection mechanisms and impact
- 2023/24 developments
- 2024/25 – LTA abolition and replacement provisions
Accessing money purchase pension funds
- Income and lump sums including small pension pots
- Money purchase AA rules
- Reporting
The taxation of death benefits
- The interaction with IHT and estate planning
The state pension
- How the old and new state pension operate
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