Calculating Your Lifetime Allowance…

Since 6 April 2006 the government has restricted the tax-breaks on pensions by applying a ‘lifetime allowance’ (LTA). If the combined value of your pensions exceeds this allowance you could face tax charges you weren’t anticipating. Calculating your lifetime allowance and understanding the implications can be complex and it is always advisable to seek out professional pension advice.

What counts towards your pension lifetime allowance depends the type of pension savings you have, it is important to get qualified advice.

You may be able to protect your pension savings from reductions in lifetime allowance, use the form below and find out your options.

Please complete all details to enable us to provide an estimated calculation to find out how much lifetime allowance you have left, you can then see if you need to get advice about what to do next.

IMPORTANT –

You must get regulated financial advice by law on any matters regarding your Pension Savings if you have:

  • A final salary or career average pension (known as a ‘defined benefit’ pension) worth more than £30,000 and you want to transfer it to a defined contribution pension scheme
  • A defined contribution pension worth more than £30,000 with a guarantee about what you’ll be paid when you retire (e.g. a guaranteed annuity rate) and you want to give it up to do something else with your pot

You should also consider speaking to a financial adviser if you want to do either of these and your pension is worth £30,000 or less.

Also, please note, many wealth managers and independent IFA’s claim to be pension experts, BUT if they do not carry the specific qualifications around pension wealth, then they will not be able to provide the depth of advice needed where pension savings are likely to exceed the Lifetime Allowance or specific issues arising from planning for your retirement.

We have in place specialist, highly qualified, independent pension wealth advisers who are experienced in giving advice about pension lifetime allowance issues and dealing with matters that may arise. The advice given will always follow the strict FCA guidelines and carries the usual assurances and protection the FCA offers.

If you would like to speak to one of these advisers, please complete the form above and they will contact you to discuss your requirements. The initial consultations are always FREE.