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Prime Latest News

October 2017

Glen Callow

20 Oct 2017

More caught by lifetime pension allowance

Many more people are being caught by the 'lifetime allowance' for pensions, says the Telegraph. It has been reduced in stages from £1.8 million to £1 million in recent years, and there is a tax charge of 55 per cent on any excess.

While £1 million sounds a lot, the Telegraph says that this is the notional value of a final salary pension of £50,000, which many long-serving employees at middle-ranking and senior levels will be entitled to. In addition to this, high earners may fall foul of the annual allowance and will need advice to deal with the complexities.