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Lifetime allowance
vegit8
Posts: 14 Forumite
In 2013 I was fortunate enough to take my fire service pension. I took the max commutation.
My fund represented 82% of my LTA.
I have made no pension contributions to any fund since 1998.
i worked for an insurance company for a few years and have been advised that I have a small pension from that employment. It represents less than 2% of the LTA ( high I assume is the new lower limit)
My question / concern is will this incurr tax on the lump sum (<£6k) when I reach 65 in November?
My fund represented 82% of my LTA.
I have made no pension contributions to any fund since 1998.
i worked for an insurance company for a few years and have been advised that I have a small pension from that employment. It represents less than 2% of the LTA ( high I assume is the new lower limit)
My question / concern is will this incurr tax on the lump sum (<£6k) when I reach 65 in November?
0
Comments
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My question / concern is will this incurr tax on the lump sum (<£6k) when I reach 65 in November?
Presuming you mean the Tax Free Lump Sum, then no.
BTW, 2% of (current) LTA is £20600, TFLS on that would be £5,150. (£6K would require 2.3%)Conjugating the verb 'to be":
-o I am humble -o You are attention seeking -o She is Nadine Dorries0
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