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Are you over the limit?

Virginia Burke explains why senior dental employees are advised to review their pensions.

From 6 April 2014, the lifetime allowance (LTA), the maximum pension savings can qualify for tax relief, reduced from £1.5m to £1.25m. The annual allowance (AA), the maximum annual contribution to a pension scheme that qualifies for tax relief, reduced as well from £50,000 to £40,000. Anyone over these limits may face a tax charge of up to 55%.

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