As I understand it (might be wrong - has happened
) the Budget increased the Annual Allowance? (
https://www.gov.uk/government/public...licy-decisions) - this section:
Tapered annual allowance for pensions – The pensions annual allowance is the maximum amount of tax-relieved pension savings that can be accrued in a year. For those on the highest incomes, the annual allowance tapers down from £40,000. HM Treasury has reviewed the tapered annual allowance and its impact on the NHS, as well as on public service delivery more widely.
To support the delivery of public services, particularly in the NHS, the two tapered annual allowance thresholds will each be raised by £90,000. This means that from 2020-21 the “threshold income” will be £200,000, so individuals with income below this level will not be affected by the tapered annual allowance, and the annual allowance will only begin to taper down for individuals who also have an “adjusted income” above £240,000. (7)
Am I reading it correctly that this will get rid of the Oct letters and retrospective tax charges for most military (up to those earning enough for 63% pension 'virtual annual contribution' to be more than £90k)?
Edit - NOTE -
see my later post below as I think my assumption here is wrong - leaving post for thread clarity.