Lifetime allowance: Difference between revisions
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imported>Doug Williamson m (Spacing 22/8/13) |
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''UK Pensions.'' | ''UK Pensions.'' | ||
The maximum amount of pension and/or lump sum available from a pension scheme that benefits from tax relief. | The maximum amount of pension and/or lump sum available from a pension scheme that benefits from tax relief. | ||
There is no limit on the amount of benefits that the pension scheme can pay out | There is no limit on the amount of benefits that the pension scheme can pay out. | ||
However, if the pension scheme gives benefits of more than the lifetime allowance an extra tax charge is payable on the amount over the lifetime allowance. | |||
This tax charge is called the lifetime allowance charge. | |||
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* [[Defined benefit pension scheme]] | * [[Defined benefit pension scheme]] | ||
* [[Earnings cap]] | * [[Earnings cap]] | ||
Revision as of 11:25, 22 August 2013
UK Pensions.
The maximum amount of pension and/or lump sum available from a pension scheme that benefits from tax relief.
There is no limit on the amount of benefits that the pension scheme can pay out.
However, if the pension scheme gives benefits of more than the lifetime allowance an extra tax charge is payable on the amount over the lifetime allowance.
This tax charge is called the lifetime allowance charge.
