Reduction of Pensions Lifetime Allowance

Topic Author:

Claire Turner

Topic posted on:

9:40 GMT 10.12.15

Post Author Date

Legislation will be introduced in Finance Bill 2016 to reduce the standard lifetime pension allowance to £1 million for tax years 2016 to 2017 onwards and increase it in line with the increase in the consumer prices index for the tax year 2018 to 2019 onwards.

Legislation will also introduce two further transitional protection regimes, ‘fixed protection 2016 (FP16)’ and ‘individual protection 2016 (IP16)’ for individuals with UK tax relieved pension rights of more than £1 million or who think they may have rights in excess of £1 million by the time they take their pension benefits.

If you would like to discuss this further, please contact a member of the Beavis Morgan personal tax team on 020 7417 0417.

Claire Turner

09:40 GMT 10.12.15