Transitional provisions for aligning PIPs

When the concept of a Pension Input Period (PIP) was first introduced in April 2006 as part of the ‘A-Day’ pension taxation regime, it could be argued that HM Revenue & Customs (HMRC) missed an opportunity at the time, to align all PIPs with the tax year, going forward.

In this briefing note, James Jones-Tinsley addresses key issues and questions surrounding PIPs and the Annual Allowance in the light of changes announced in the Summer Budget concerning both Defined Benefit and Defined Contribution pensions.