I've heard there are going to big changes to pension regulations from April 2006. How could this affect me?
Vicky Summers, an employee-benefits consultant at tax advisers and accountancy firm PKF, gives the following advice:
"It's never too late to start planning for retirement. The new rules, which take all existing pensions rules and bring them together as one, don't come in until April 2006.
"The main changes are directed at individuals, so business owners should be looking at their own pensions, as well as those of their employees. One of the main things business owners need to do is to look at whether their pension fund will exceed the lifetime allowance, which will be £1.5m in the 2006/07 tax year, increasing to £1.8m by 2010/11.
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