Applications for Pension Lifetime Allowance Fixed Protection must be submitted to HMRC by 5th April 2014. (check the conditions first)
The Tax year End deadline approaches quickly… If you are in any doubt about exactly how much you currently have in pension assets within Pensions Schemes and Personal Pension Plan arrangements, then you should make sure you check not only with your money purchase Personal Pension Plan provider(s) but also any other Retirement Schemes (defined benefit for example). You should confirm what each of these Plans or Schemes holds for you in terms of effective pension fund or equivalent including any benefits which are already in payment and compare the total figure with your current Pension Lifetime Allowance (£1.5m) and the allowance for next tax year (£1.25m) and consider taking action now if you believe your total effective Pension assets already exceed or are likely to exceed the new limit (£1.25m) by the time you expect to take benefits. You should ensure you check the conditions and make sure you are happy before you proceed.
Further general information (but not advice) is available from our website www.3sbg.net under PENSION CHECK and also from the HMRC website http://www.hmrc.gov.uk
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