From 6 April 2016 the lifetime and annual pension tax allowances will reduce; the LTA will reduce to £1 million and the AA will taper from £40,000 to £10,000 for those with total reward of £150,000 to £210,000.

But with the Christmas break about to start there is very little time left to act. Employers looking to raise awareness for affected staff will need to arrange these communications to be delivered in January. This will then leave February and March for individuals to seek further guidance and advice as to their planning options, including potentially applying for pension protection.

Employers who have staff who will be impacted by these reducing allowances should consider providing financial education seminars/ webinars for all impacted with access to advice.