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FOR FINANCIAL ADVISERS ONLY

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Annual Allowance and Carry Forward

Sterling notes

Carry forward of Annual Allowance

Carry forward relates to unused annual allowance not unused tax relief. If the individual relies on carry forward to make a large personal contribution they must have the earnings in the current tax year to cover it.
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Helping you calculate Carry Forward

This simple guide is designed to help you fill in all relevant information on the attached table to enable you to calculate unused Carry Forward allowances.
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Tapered annual allowance – examples

We have put together some simple examples to help explain Tapered annual allowance and how the client may be affected.
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Tapered annual allowance & high earners

From 6 April 2016 the annual allowance will taper to a minimum of £10,000 for those with adjusted income exceeding £150,000.
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Pension Input funding - July Budget 

The attached table outlines the potential options for pension funding under the transitional "mini PIP's" created by the Summer Budget on 8 July 2015.
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Money Purchase Annual Allowance restrictions after 2015

With some of the biggest changes to pensions coming in April 2015, we look at the potential impact on contributions to money purchase pensions.
Apples

PIP changes - July Summer Budget

Significant changes to pension input periods (PIPs) have been introduced and from 6 April 2016 all PIPs will run in tax years. These PIP start and end dates will not be able to be altered by either the provider or the member.
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Capped Drawdown, Flexi-access and triggering the money purchase annual allowance.

April 2015 saw the introduction of one of the biggest changes to pensions ever seen. This is potentially changing the fundamental concept of a pension and what it can be used for.

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