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Annual Assumption Updates April 2017

From the 6th April 2017, the Selectapension system will be updated to accommodate the latest changes to comply with the FCA and HMRC. Here is a list of the updates taking place:

1. Increases used for 2017/18 tax year revaluation:

o   RPI         2.0%

o   CPI         1.0%

o   S148      2.6%
 

2. ISA Limit, £20,000

3. Capital Gains Tax Allowance £11,300

4. Income Tax Bands

o   Personal Allowance £11,500

o   Basic Rate £11,501 to £45,000

o   Higher Rate £45,001 to £150,000

o   Additional Rate Over £150,000
 

5. Pension Protection Fund (PPF) Compensation Caps

6. New State Pension £8,296.60 (£159.55 per week). Revalued by 2.5% each year

7. Basic State Pension £6359.60 (£122.30 per week). Revalued by 2.5% each year

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