Apply today to protect your pension tax allowance
Pension holders with funds in excess of £1.25 million at 5 April 2014 are encouraged to protect their Lifetime Allowance (LTA) to ensure they continue to maximise tax breaks associated with pension planning.
This is due to the LTA being reduced from £1.5 million to £1.25 million on 5 April 2014.
The process to do this is straightforward. Applications for an Individual Protection Policy (IP) need to be made online between 18 August 2014 and 5 April 2017
– use the link below to the secure online form to get started:
Application for protection of your lifetime allowance – individual protection 2014
Before you do, it is worth checking your LTA to ensure you need to apply – here is another useful link:
Lifetime Allowance checking tool
Conditions do apply so it is always worth speaking to your accountant if you are at all unsure.
A private pension is something that virtually all Figurit clients have in preparaton for their retirement so we regularly give tax advice around pensions as part of short and long term tax saving strategies.
Contact one of our experienced tax advisors to discuss your pension and tax position. Call us on 020 7376 9333