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Aviva Pension Plan - LifeTime Allowance
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[Deleted User]
Posts: 0 Newbie
My wife has just received an update to her pension plane dated 14th April. Not that it would apply to her but the letter still states that her plan may be subject to a Lifetime Allowance Charge. I can only assume that Aviva is waiting until The Budget gets Royal Assent.
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Not that it would apply to her but the letter still states that her plan may be subject to a Lifetime Allowance Charge. I can only assume that Aviva is waiting until The Budget gets Royal Assent.The LTA has not been abolished. It still exists in 2023/24. It is just set to nil.
Plus, it is yet unknown how the restriction on tax free cash is going to be handled. Currently, that mostly uses the LTA calculation methods.
I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.1 -
Regarding the original question from Dolor, does anyone know if the tax year 2023/24 Lifetime Allowance Charge at nil rate has to get Royal Assent or is it currently in place? If it requires Royal Assent when would it likely to become the law and can be applied by pension companies?
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