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Inherited pension and LTA

noneofthegearnoidea
noneofthegearnoidea Posts: 3 Newbie
First Post
in Pensions, annuities & retirement planning
If my child inherits my pension, after all inheritance tax has been paid , if money is left in that pension and not drawn, does it count towards my childs LTA for their own pension savings ? 

Comments

  • DRS1
    DRS1 Posts: 1,797 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Combo Breaker
    Hasn't the LTA been abolished?

    There is an LSA but an inherited pension doesn't have a tax free lump sum so I don't think that is an issue.

    As for the LSDBA I don't know but I would have thought that would be tested on your death.
  • Marcon
    Marcon Posts: 15,031 Forumite
    Ninth Anniversary 10,000 Posts Name Dropper Combo Breaker
    noneofthegearnoidea said:
    If my child inherits my pension, after all inheritance tax has been paid , if money is left in that pension and not drawn, does it count towards my childs LTA for their own pension savings ? 
    The LTA has indeed been abolished.

    It would depend on the legal/tax position at the time of your death - and nobody can predict that.
    Googling on your question might have been both quicker and easier, if you're only after simple facts rather than opinions!  
  • Albermarle
    Albermarle Posts: 29,057 Forumite
    10,000 Posts Seventh Anniversary Name Dropper
    Can I be the first one to say I read the first speculation ( so far), that LTA could be reintroduced in the Budget?
  • Marcon
    Marcon Posts: 15,031 Forumite
    Ninth Anniversary 10,000 Posts Name Dropper Combo Breaker
    Albermarle said:
    Can I be the first one to say I read the first speculation ( so far), that LTA could be reintroduced in the Budget?
    Sticking to facts rather than rumour and speculation would be a better idea!
    Googling on your question might have been both quicker and easier, if you're only after simple facts rather than opinions!  
  • DRS1
    DRS1 Posts: 1,797 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Combo Breaker
    Albermarle said:
    Can I be the first one to say I read the first speculation ( so far), that LTA could be reintroduced in the Budget?
    We will all know who to blame if it happens!
  • Albermarle
    Albermarle Posts: 29,057 Forumite
    10,000 Posts Seventh Anniversary Name Dropper
    Marcon said:
    Albermarle said:
    Can I be the first one to say I read the first speculation ( so far), that LTA could be reintroduced in the Budget?
    Sticking to facts rather than rumour and speculation would be a better idea!
    I was not being serious, only a pointer to the wave of unfounded speculation that will assault us all in the next few months.
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