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Lifetime allowance

What’s the lifetime allowance?

  The lifetime allowance is a limit on the amount of pension savings that can be built up over your …

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What’s the current lifetime allowance?

  The lifetime allowance for 2018/2019 tax year is £1,030,000 (£1.03million).

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What’s transitional protection?

  When the lifetime allowance was introduced in 2006 and in subsequent years when it has been reduced, following pension …

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What’s individual and fixed protection?

  This stopped the individual losing out when the lifetime allowance was reduced eg fixed protection 2014 gave a lifetime …

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What’s fixed protection 2016?

  Fixed protection 2016 fixes an individual’s lifetime allowance to protect their pension savings at £1.25m after 5 April 2016 …

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What’s individual protection 2016?

  Individual protection 2016 is a fund protection option introduced to coincide with the reduction in the lifetime allowance from …

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I have ‘fixed/enhanced protection’ from the lifetime allowance – do I have to be auto-enrolled?

  No, there’s no longer a duty for an employer to auto-enrol employees who have HM Revenue & Customs certified tax …

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What happens if I have ‘protection’ and put more into my pension by mistake?

  Your protection will be lost and the new, lower lifetime allowance will apply. So you need to remember to …

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What should I do if I think I’m affected by the lifetime allowance?

  If you think you’ll be affected, you’ll need to get advice from a financial adviser as soon as possible. …

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What if I previously applied for transitional protection when the rules changed several years ago?

  If you’ve previously applied for enhanced or primary protection, fixed protection 2012, fixed protection 2014 or individual protection 2014, you should …

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Lifetime allowance

What’s the lifetime allowance?

  The lifetime allowance is a limit on the amount of pension savings that can be built up over your …

View full answer >>

What’s the current lifetime allowance?

  The lifetime allowance for 2018/2019 tax year is £1,030,000 (£1.03million).

View full answer >>

What’s transitional protection?

  When the lifetime allowance was introduced in 2006 and in subsequent years when it has been reduced, following pension …

View full answer >>

What’s individual and fixed protection?

  This stopped the individual losing out when the lifetime allowance was reduced eg fixed protection 2014 gave a lifetime …

View full answer >>

What’s fixed protection 2016?

  Fixed protection 2016 fixes an individual’s lifetime allowance to protect their pension savings at £1.25m after 5 April 2016 …

View full answer >>

What’s individual protection 2016?

  Individual protection 2016 is a fund protection option introduced to coincide with the reduction in the lifetime allowance from …

View full answer >>

I have ‘fixed/enhanced protection’ from the lifetime allowance – do I have to be auto-enrolled?

  No, there’s no longer a duty for an employer to auto-enrol employees who have HM Revenue & Customs certified tax …

View full answer >>

What happens if I have ‘protection’ and put more into my pension by mistake?

  Your protection will be lost and the new, lower lifetime allowance will apply. So you need to remember to …

View full answer >>

What should I do if I think I’m affected by the lifetime allowance?

  If you think you’ll be affected, you’ll need to get advice from a financial adviser as soon as possible. …

View full answer >>

What if I previously applied for transitional protection when the rules changed several years ago?

  If you’ve previously applied for enhanced or primary protection, fixed protection 2012, fixed protection 2014 or individual protection 2014, you should …

View full answer >>
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