USS and pensions tax changes
02 Feb 2012
Changes to tax relief for pension contributions and benefits became effective in April 2011.
The Annual Allowance (the change in the value of benefits over one year) reduced from £255,000 to £50,000 in the current tax year and the Lifetime Allowance (the value of benefits from all schemes at retirement) is reducing to £1.5m on 1 April 2012.
Although most members will not be affected by these changes, high earners with potentially long periods of pensionable service may wish to find out more about the options USS has introduced for members who may be affected; further information can be found online at:
Modellers for the Annual Allowance and the Lifetime Allowance are available online at: