Fixed protection for pensionsJanuary 12, 2012 The lifetime allowance will soon be cut from £1.8 million to £1.5 million. Bear in mind that a fund of £1.8 million produces an indexed linked pension of around £75,000 per year for a man retiring at 65. If you already have a pension fund worth more than £1.5 million you may need to apply to HMRC to ring-fence your existing fund for tax purposes, under what is called ‘fixed protection’. Talk to us about this soon, as your fixed protection application must reach HMRC by 5 April 2012. CLICK HERE - HMRC guidance on lifetime allowance CKLG Accountants in Cambridge are here to help. |
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