The Treasury has confirmed it will cut the annual allowance from £255,000 to £50,000; cut the lifetime limit from £1.8m to £1.5m; and increase the factor for valuing final salary benefits from 10 to 16. But how do you calculate any tax charge. Our step-by-step guide will show you how.
We use the example of a member who has been a member of a 1/60th final salary scheme for 34 years and gets a 20% pay increase from £60,000 to £72,000. Such a member would see her tax liability calculated...
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