Pension tax simplification

Pension tax simplification, often simply referred to as "pension simplification" and taking effect from A-day on 6 April 2006 was a policy announced in 2004 by the Labour government to rationalise the British tax system as applied to pension schemes. The aim was to reduce the complicated patchwork of legislation built-up by successive administrations which were seen as acting as a barrier to the public when considering retirement planning. The government wanted to encourage retirement provision by simplifying the previous eight tax regimes into one single regime for all individual and occupational pensions.

Main changes

Broadly the new regime allows considerable freedom in the tax relievable contributions that may be made to pension schemes, and the assets in which they may be invested. It also however caps the size of tax favoured pension fund that may be accumulated by an individual. This 'lifetime allowance' was set at £1.6M for 2007–08. Funds accumulated in excess of the lifetime allowance are subject to a tax charge of 55%. Transitional protection provisions were made for individuals who had already accumulated pension funds in excess of this amount.

Lionel Messi

Lionel Andrés "Leo" Messi (Spanish pronunciation: [ljoˈnel anˈdɾes ˈmesi]; born 24 June 1987) is an Argentine professional footballer who plays as a forward for Spanish club Barcelona and the Argentina national team. Often considered the best player in the world and rated by many in the sport as the greatest of all time, Messi is the only football player in history to win the FIFA Ballon d'Or five times, four of which he won consecutively, and the first player to win three European Golden Shoes. With Barcelona he has won seven La Liga titles and four UEFA Champions League titles, as well as three Copa del Rey titles. A prolific goalscorer, Messi holds the records for most goals scored in La Liga (299), a La Liga season (50), a calendar year (91), a Champions League match (five), and most Champions League seasons (five).

Born and raised in central Argentina, Messi was diagnosed with a growth hormone deficiency as a child. At age 13, he relocated to Spain to join Barcelona, who agreed to pay for his medical treatment. After a fast progression through Barcelona's youth academy, Messi made his competitive debut aged 17 in October 2004. Despite being injury-prone during his early career, he established himself as an integral player for the club within the next three years, finishing 2007 as a finalist for both the Ballon d'Or and FIFA World Player of the Year award, a feat he repeated the following year. His first uninterrupted campaign came in the 2008–09 season, during which he helped Barcelona achieve the first treble in Spanish football. At 22 years old, Messi won the Ballon d'Or and FIFA World Player of the Year award by record voting margins.