Posts Tagged ‘Lifetime Allowance’

One in every lifetime – there comes a chance like this!

Just a quick short post – mainly as a reminder rather than anything else.

Don’t forget that from 6 April 2012, the lifetime allowance will be reduced to £1.5 million (it’s currently £1.8 million). If you haven’t heard of the Lifetime Allowance yet then it’s unlikely you’ll need to worry. It only affects a very small number of people with large pension funds.

From 2012 there will be a new form of protection called fixed protection. This is available if you expect the amount of your pension savings to be more than £1.5 million when you come to take your benefits.It’ll allow you to keep the higher limit but will have to stop building up benefits in all registered pension schemes from 6 April 2012.

According to HMRC the application process should be available soon. If you think you’ll be affected you need to act soon.

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