{"id":474,"date":"2020-04-07T11:51:14","date_gmt":"2020-04-07T10:51:14","guid":{"rendered":"https:\/\/www.ghcl.co.uk\/wealthmanagement\/?p=474"},"modified":"2020-04-07T11:51:14","modified_gmt":"2020-04-07T10:51:14","slug":"key-pension-changes","status":"publish","type":"post","link":"https:\/\/www.ghcl.co.uk\/wealthmanagement\/2020\/04\/07\/key-pension-changes\/","title":{"rendered":"Key Pension Changes"},"content":{"rendered":"<p><strong>Changes to the tapered annual allowance<\/strong><br \/>\nFor those affected by the tapered annual allowance, the annual allowance gradually reduces from the standard \u00a340,000 figure down to a minimum of \u00a34,000. The tapered annual allowance applies to individuals whose threshold income is now above \u00a3200,000 and whose adjusted income is above \u00a3240,000.<br \/>\n<strong><br \/>\n<\/strong>Before 6 April 2020, the tapered annual allowance applied to individuals whose threshold income was above \u00a3110,000 and whose adjusted income was above \u00a3150,000. The minimum allowance was \u00a310,000.<\/p>\n<p><strong>How does the taper work?<\/strong><strong><br \/>\n<\/strong>If your client is affected by the tapered annual allowance, they will lose \u00a31 of annual allowance for every \u00a32 of adjusted income above \u00a3240,000. Your client\u2019s annual allowance will not drop below \u00a34,000 though, so if their adjusted income is more than \u00a3312,000 there is no further reduction.<\/p>\n<p>Finally, the lifetime allowance has increased to \u00a31,073,100.<\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Changes to the tapered annual allowance For those affected by the tapered annual allowance, the annual allowance gradually reduces from the standard \u00a340,000 figure down to a minimum of \u00a34,000. The tapered annual allowance applies to individuals whose threshold income is now above \u00a3200,000 and whose adjusted income is above \u00a3240,000. Before 6 April 2020, [&hellip;]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[1],"tags":[],"class_list":["post-474","post","type-post","status-publish","format-standard","hentry","category-uncategorized"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.9 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Key Pension Changes - GHC Wealth Management<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.ghcl.co.uk\/wealthmanagement\/2020\/04\/07\/key-pension-changes\/\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Key Pension Changes - GHC Wealth Management\" \/>\n<meta property=\"og:description\" content=\"Changes to the tapered annual allowance For those affected by the tapered annual allowance, the annual allowance gradually reduces from the standard \u00a340,000 figure down to a minimum of \u00a34,000. The tapered annual allowance applies to individuals whose threshold income is now above \u00a3200,000 and whose adjusted income is above \u00a3240,000. 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