Fix My Pension – The retirement planning experts

Treasury will raise the Pensions Lifetime Allowance (LTA)

There’s good news on the horizon for people with larger pension pots. Despite predictions from pension experts, a recent announcement has confirmed that the Treasury will raise the Pensions Lifetime Allowance (LTA) from April 2018, in line with inflation. The Lifetime Pensions Allowance is the maximum amount of money that an individual can save in their pension pot and benefit from tax relief. Any savings after that trigger an extra tax charge of 55%. This will be the first time in seven years that the Pensions Lifetime Allowance will see an increase. In 2010 the LTA was set at a healthy 1.8 million. Over the years this has gradually diminished to 1 million. Despite predictions that it would fall even … Read More…

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