Lifetime Allowance Cut in 4 Months Autumn Statement 2015

4 Months to Prepare for Lifetime Allowance Cut.

Don’t forget the Lifetime Allowance reduced in April 2016 to £1m and will remain at that level for 2 years but will increase by CPI inflation from tax year 2018/19.

Do you have a market linked pension fund that is already over £1m?

Do you have a defined benefit company pension that is worth £50,000pa?

You will need to take action or face more tax.

If you are one of the above, both Individual Protection 2016 (where you can still accrue pension rights) and Fixed Protection where your LTA will be fixed but you must cease accruing pension benefits by 5 April 2016 (just 4 months away).

Autumn Statement Key 'Pension and Investment' Points: