| Although you can contribute as much as you like into your pension pot, tax relief is limited to annual contributions of £50,000. From 2014-15 this will drop to £40,000 with a lifetime cap of £1.25m which is down from the current £1.5m. The Budget went on to add in an individual protection regime to be introduced after consultation this Spring. Taxpayers will need to apply for the protection by April 2014 and we await the detail to understand how it will work in practice. |