Sedulo Wealth Management advisers are warning that the impending Budget on 16th March has increased the urgency for high earners to top up their pension funding prior to this date.
From April, clients may see their pension annual allowance cut from £40k to £10k from April depending on their earnings and remuneration strategy.
It is our opinion that there is also likely to be an announcement on the outcome of the pension tax relief review with the opinion that it will be reduced for high earners (£42,000 and above) from 40% and or 45% to a flat rate of 25%.
What should you do?
For individuals earning over £42,000 we strongly recommended you should review your current position.