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Life time allowance - individual protection
madeinireland_2
Posts: 381 Forumite
Hi,
When the lifetime allowance is reduced in April I intend to claim individual protection as I believe my pension will be worth about £1.075m.
My question is - When the lifetime limit is index linked from 2018 is it likely that my individual protected amount is also index linked?
If I end up retiring at the end of March (if my company runs a scheme) then I will go for fixed protection instead.
Thoughts please.
Thanks...
When the lifetime allowance is reduced in April I intend to claim individual protection as I believe my pension will be worth about £1.075m.
My question is - When the lifetime limit is index linked from 2018 is it likely that my individual protected amount is also index linked?
If I end up retiring at the end of March (if my company runs a scheme) then I will go for fixed protection instead.
Thoughts please.
Thanks...
0
Comments
-
Anyone know? Or is it just too early to say?0
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The detail hasn't yet been released, but it is generally assumed that it will work in in the same way as the 2014 protections.
This means that there would be no index linking of your LTA.
However, should the standard LTA ever rise above your protected LTA then your protected LTA will be removed, and you will revert to the standard LTA.I am an Independent Financial Adviser. Any comments I make here are intended for information / discussion only. Nothing I post here should be construed as advice. If you are looking for individual financial advice, please contact a local Independent Financial Adviser.0
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