In his last Budget, the former Chancellor announced that the basic-rate of income tax will reduce from 22% to 20%, and the threshold for National Insurance will increase. The changes take affect at the start of the next tax year on 6 April 2008 and will have an impact on pension payments. In this Pensions News Instant, we detail what Standard Life will be doing around the changes, how they affect your clients, and look at the opportunities for advisers.

Andrew Tully, Marketing Technical Manager, looks at the impact the changes will have on employees and employers, and has a case study to illustrate how the change can result in your client getting more money into their pension, at no extra cost.

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Standard Life is writing to all employers today (26 November) highlighting the changes required, and detailing the deadline for payments to receive 22% tax relief. This article covers the opportunities for advisers, and includes a copy of the letter.

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Find out what plans are affected, what we will be issuing to policyholders, and what you and your clients should consider.

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The askTECH Q&A answers questions on the basic-rate income tax change.

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