How the latest pension changes could affect you

Senior optometrists and opticians across the UK are being advised to take note of further changes to HMRC tax limits on pensions provision and consider whether they wish to take action to protect their pension.

From April 2016, the Lifetime Allowance (LTA) – the maximum amount of pension savings that an individual can amass and still qualify for tax relief over their lifetime – will reduce from £1.25m to £1m as announced in the recent Budget. Individuals who accumulated pension pots over £1m may face a tax charge of 55 per cent on any excess.