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of UK pensions from 6 April 2006. Prior to the change many different taxation regimes applied to pension schemes depending on the type of scheme. The changes introduced a single taxation regime.

The principle of the new regime is that a pension fund will be tax-free provided it is below the life time allowance (which was set at £1.5 million for the year from 6 April 2006). A second restriction was imposed limiting the maximum annual contribution into a pension scheme.

Although

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