Following the introduction of the current pensions regime, the Government became concerned that the increased contributions limits combined with the tax-free lump sum could result in individuals over the age of 50 making contributions to pension schemes, taking out the lump sum free from tax and reinvesting the funds, thus receiving further tax relief. Legislation was subsequently introduced in the Finance Act 2006, taking effect from 6 April 2006, to counter this perceived abuse.

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