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| Further reductions in the Annual Allowance and Lifetime Allowance The Chancellor announced, in his Autumn Statement on 5 December 2012, further reductions to the Annual Allowance (‘AA’) and Lifetime Allowance (‘LTA’). For the tax year 2014/15 onwards, the limits will reduce as follows:
It was also announced that a transitional fixed protection regime, called 'Fixed Protection 2014' will be introduced for those who believe they may be affected. HMRC is also considering whether to offer a ‘personalised protection’ regime, in addition to the fixed protection regime. Further details are expected to be announced in the Autumn of 2013. The changes in the legislation will be introduced in the Finance Bill 2013. Auto-enrolment New legislation will come into effect at the University on 1 May 2013. If you have fixed or enhanced protection with HMRC you may be affected. Please contact the Pensions Office immediately if you have either fixed or enhanced protection. The University will automatically enrol certain workers, who are aged between 22 and state pension age, earn more that £787 per month (based on 2013/14 rates) and who are not already a member of one of the University’s pension schemes. If you have protected your LTA, and have subsequently ceased accruing future pension benefits, you will likely be enrolled back into a pension scheme. It is recommended that you refer to both the USS and HMRC guidance on pension savings and LTA protection for further information to ensure that your protection is preserved. Please visit: http://www.uss.co.uk/SchemeGuide/Auto-enrolment/Pages/default.aspx#faqlink7 http://www.hmrc.gov.uk/pensionschemes/pension-savings-la.htm |
