Lifetime Allowance Reducing – Are you affected?
If you hold a pension pot equating to more than 1.25m then you need to act now to protect your future pension.
In April 2014 the Lifetime Allowance, which currently stands at 1.5m will be reduced to 1.25m. This will mean that those affected will be subject to a lifetime allowance tax charge on an extra £250,000 of their pension.
If this affects you, it is now time to explore a lifetime allowance protection scheme which works for you ensuring that you achieve the pension and retirement you have planned. The most recent fixed protection schemes have been available for clients from August 2013 but it’s not too late to join and with the April deadline nearly upon us now is the time to act.
Don’t forget – the lifetime allowance test calculations for occupational and personal pensions are different. If you are unsure whether or not you could be at risk please do not hesitate to call.
Call or Email us now for a review of your pension and circumstances.