The Lifetime Allowance for pensions – the amount of pension benefits an individual can take before becoming subject to a Lifetime Allowance charge of up to 55% - reduced from £1.25 million to £1 million on 6 April 2016.
If the value of your pensions, including your NHS Pension, was more than £1 million as at 5 April 2016 you can apply for protection against the Lifetime Allowance charge. This is to avoid penalising savers who accumulated pension funds to a higher value before the rules changed.
Applications for protection open from July 2016. To find out if you are eligible, contact us for an appraisal of your NHS and other pensions. Please call Richard Higgs on 0117 966 5699 or email email@example.com.