Getting to grips with the Lifetime Allowance

If your pension pot breaches £1m, you could face punitive taxes when you retire. So how can you protect your funds?

Senior Couple Meeting with Financial Advisor

With a significant proportion of the UK population facing a shortfall in retirement income, the government has used tax breaks to encourage long-term pension saving. However, those saving too much could face a potential tax charge of up to 55% if their fund value breaches an upper limit, known as the pensions Lifetime Allowance (LTA). 

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