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03 Jul 2015

White paper: How the 2016 lifetime allowance affects you

From 6 April 2016 the lifetime allowance will reduce. In this whitepaper we explore how it will affect you.

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As part of the 2015 Budget, the government announced yet another reduction in the tax relief available on pension savings.

From 6 April 2016 the Lifetime Allowance will reduce from its current level of £1.25m to £1.0m. The Budget also indicated that from April 2018 increases would apply each year in line with inflation.
 
The maximum amount that can be taken as a tax-free lump sum will also reduce from £312,500 to an initial amount of £250,000. This is because the limit is set to be 25% of the Lifetime Allowance and so automatically reduces when the Lifetime Allowance reduces.

See how the 2016 lifetime allowance affects you by
downloading the white paper.

This article was supplied by Aon Employee Benefits.

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