The differences between the ‘old’ and ‘new’ regimes can be summarised. Under the tax regime prior to 6 April 2006:

There were a number of regimes for different types of product, but the main distinction was between personal pension schemes (and retirement annuity contracts) and occupational pension schemes.

The tax reliefs were the same for each regime and the same as now. What was different was the way in which the tax relief was limited.

Personal pension schemes – contributions

Contributions were limited to a percentage of ‘net relevant earnings’. The percentage was higher the older the member.

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