Personal Pension  

Squeezing out the PIPs

    CPD
    Approx.30min

    By

    Martin Tilley is director of technical services of Surrey-based Dentons Pension Management

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    Key Points

    The tapering and transition measure effective from 6 April 2016 will have the effect of restricting tax relief through a tapered reduction in the annual allowance for some individuals.

    It is necessary to understand the new concepts of adjusted income and threshold income.

    The situation can be more complex still if the individual is also a member of a defined benefit arrangement.

    CPD
    Approx.30min

    Please answer the six multiple choice questions below in order to bank your CPD. Multiple attempts are available until all questions are correctly answered.

    1. The sharp increase in costs to the Treasury reached their peak in which financial year?

    2. The government’s tapering and transition measure effective from 6 April 2016 affected people with a threshold income of how much?

    3. The tapering will reduce the personal annual allowance of an individual by how much? has the effect that an individual who is subject to the money purchase annual allowance will have their personal annual allowance reduced by £1 for every £2 by which their income exceeds £150,000

    4. What is a PIP?

    5. What happened to those who had conntributed in a PIP with end date extending beyond 5 April 2016?

    6. No contributions in any PIPs closed in the period 5 April to 8 July: true or false?

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