Your pension; out with old, in with the new
April 6 2006 was a very important date for people with Personal Pensions. It was when the Personal Pension rule books – all 8 of them – were torn up and a new and much slimmer volume took their place! So from 6 April 2006, you are able to do a lot more with your Personal Pension than you could before.
For example in the tax year 2006/2007:
- You’re able to make annual contributions of up to 100% of your earnings
- You’re able to contribute as much as £215,000 to your Personal Pension
- You’re allowed to build a total pension fund of £1.5m
- You have a wider choice of investment options
- And when you do retire, you’ll never be forced to buy an annuity