Over a million pensions face 55% tax timebomb
Drastic cuts to the UK’s lifetime allowance are driving people unknowingly over their tax-free limit
Lifetime Allowance
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HMRC loses pension court case on lifetime allowance
UK taxman’s decision to void fixed protection allowance deemed ‘unreasonable’ in case of genuine error
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Lifetime allowance set to rise to £1,054,800
The increase is £24,800 or 2.4%
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Pension annual allowance penalties leap to £517m
Record 16,590 people paying penalty on 2016-17 pension contributions
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Lifetime allowance rise could save pensioners £15,000
More wiggle room for pension savers whose pots risk breaching the current limit
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Pension checklist for changing job
It can be easy to forget about pension benefits when you are swept up in the excitement and stress of changing job. But as workplace pensions can be very generous, it pays to keep on top of any pots that have been built up, says Fidelity International’s Ed Monk.
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40% more hit with lifetime allowance tax bills
Increasing numbers of middle income earners in the UK are being hit by the reduced lifetime allowance (LTA), with a 40% increase in people triggering an extra tax charge in tax year 2016/17, according to Old Mutual Wealth.
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Mysterious allowances making pensions murky: SJP
Pension rules are still a murky area in the eyes of savers and tax allowances continue to be a mystery for many people, warns Ian Price, divisional director for pensions at St James’s Place.
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Delay drawing pension until next year says expert
Financial advisers should tell clients thinking of taking money out of their pension fund over the next few months to wait until next year to make full use of the increase in the Lifetime Allowance (LTA), industry experts are saying.
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Mazars cleared of bad advice charge by UK Ombudsman
A man who had to pay additional taxes after losing his lifetime allowance (LTA) protection on his pension plans was not poorly advised by the financial planning arm of UK accountancy firm Mazars, the ombudsman has found.
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UK Budget could see further cuts to lifetime allowance
The UK’s lifetime allowance (LTA) for pension savers could be slashed again in the Spring Budget next month, according Markas Gilmartin, founding partner of Bristol-based IFA firm Epoch Wealth Management.
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Using Qnups in retirement wealth planning
In this first instalment of a two-part series on Qnups in wealth planning, director of Isle of Man-based pension provider Optimus, Martin Hall says the retirement solutions are great for those restricted by the dwindling lifetime allowance cap.