On the pensions front, there are two important changes about to come into effect:
(1) HMRC has announced that from 6 April 2014, the lifetime pensions allowance will be reduced from £1.5 million to £1.25 million. The lifetime pensions allowance is the maximum amount of pension saving you can build up over your life, from all pensions savings that benefit from tax relief. Any amount in the pension pot in excess of the £1.25 million revised upper limit, will be subject to tax, potentially at a 55% tax rate.
For those whose level of pension savings already exceeds £1.25 million, it is possible to apply before the end of the current tax year, for "fixed protection 2014." Assuming certain criteria are met, those individuals will continue to benefit from the higher £1.5 million lifetime allowance limit.
(2) You can still pay up to the lower of (1) 100% of your annual salary or (2) £50,000 (the annual allowance limit) into your pension before the end of this tax year and receive tax relief on that payment. From 6 April 2014, the limit will reduce to £40,000.
You can also put money into someone else's personal pension (even if they have no earnings) before the end of the tax year, for example, your spouse, civil partner, child or grandchild's and the current limit, where the recipient has no current earnings, is £2,880 net. This then increases to £3,600 with the addition of tax relief.