IN A NUTSHELL
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Changes to pension regulations April 2006 • New lifetime allowance to which holders can currently contribute up to £1.5m, rising to £1.8m by 2010-11 • New annual allowance — limited to 100% of earnings or £3,600 if earnings are less than this figure. The limit is currently £225,000, rising to £255,000 in 2010-11 • If allowances are exceeded the excess will be taxed at 55% • Minimum starting age for retirement rises from 50 to 55
• New rules make it easier to work while drawing a pension el) New Alternatively Secured Pension
provides income in your lifetime and unused funds can be passed onto your heirs Funds can he invested in unguoted companies, including your own —an ideal arrangement for many operators The limit on borrowing against the scheme for the purchase of commercial property is reduced to from 75% to 509's Contact Financial Services Authority: \,vww.fsa.gov.t.ik
Occupational Pensions Regulatory Authority: 01273 627600: ,APywv.opra.gov.uk
Pensions Ombudsman: 020 7834 9144, www.pensions-ombudsman.gov.uk The Association of Independent Financial Advisers: 020 7628 1287