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High earners need to review their pension arrangements

As the dust settles on the latest UK budget there are many high earners in the UK who will be looking closely at how tax changes and pension changes will affect their wealth and their future. Many experts expect a deluge of customers to be knocking on the door of their accountants and financial advisers to find out exactly what is going on.

The situation is fairly straightforward in that the new 50% tax rate will come in next year and effect those who earn in excess of £150,000 a year. There will also be a significant hit for those high earners who receive contributions to their pension scheme from their employers or contribute themselves. The direct implications have been laid bare in the small print of the UK budget although individual circumstances will vary and advice should be sought as soon as possible.

This is the second such hit that Gordon Brown has targeted towards the pension sector and while the pension changes in particular have not been signed off yet, there is no doubt that they will be brought in over the next two years. After years of telling everybody in UK to save for their pensions in later life it now appears as though we have all been encouraged to increase our pension pots so that the government can take yet more tax from us.

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