The Summer Budget confirmed:

• the details of the tapered Annual Allowance (TAA) applying for high earners from  6 April 2016 – and to aid its implementation, the Chancellor also announced the aligning of Pension Input Periods (PIPs) to tax years for all individuals, with immediate transitional arrangements; and
• the reduction of the Lifetime Allowance (LTA) from £1.25m  to £1m with effect from 6 April 2016 together with associated protection regimes.

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