Last Chance Pension Opportunities

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If you have a large pension fund then you may be aware that the Lifetime Allowance is reducing from £1.8 million to £1.5 million this April. The Lifetime Allowance is the total pension value any one individual may accrue without incurring a tax charge. If you have a final salary pension scheme then your benefit entitlement from that scheme is multiplied by 20 then deducted from the allowance, so you may be closer to £1.5 million than you think.

By applying for Fixed Protection you are able to retain the higher £1.8 million allowance. However, you must cease all future contributions and the Revenue must receive your application by 5 April 2012.

For those of you still building your funds, there is the opportunity to make large pension contributions by carrying forward unused relief from previous years. From 5 April 2012 the ability to carry forward unused allowance from 2008/09 is lost forever, so this is a 'use it or lose it' opportunity. 

12 March 2012

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About Throgmorton: Throgmorton is one of the leading companies specialising in the provision of financial and administrative outsourcing to the UK SME financial services sector.

The information in this notice is intended for general guidance only. Throgmorton does not accept any responsibility for losses incurred to any person acting or refraining to act as a result of the information in this notice. Advice should be taken in the context of specific circumstances.

Copyright 2012 Throgmorton UK Limited. All rights reserved. Throgmorton is a trading name of Throgmorton UK Limited a company registered in England and Wales (company no 3853848) having its registered office at 4th Floor, Reading Bridge House, George Street, Reading, Berkshire, RG1 8LS.