Pension Annual Allowance
Are you near the Allowance?
Helping you identify whether the pension allowance will affect you.
Are you near the Allowance?
Helping you identify whether the pension allowance will affect you.
Explain the issues
Allow you to assess your own situation
Outline the solutions available
Exceeding the pension annual allowance may result in a tax charge, use the calculator to find out. The calculator will give you a signal:
You have no current issues. You can carry on contributing to your pension at the present level. However you should check again each year as an increase in earnings or contributions could bring you closer to the limit.
Proceed with caution. Although you don’t need to make any immediate changes you should consider your options. A change in your circumstances could see you exceeding the limit.
Means you need to make a change. If you don’t you are likely to receive a tax charge. However there are likely to be simple steps you can take to avoid or reduce this.
Allowance
Allowance
Following conversations with senior doctors in the NHS and other experienced professionals, the pensions Lifetime Allowance (LTA) has been abolished.
The LTA is the maximum amount of tax-efficient pension savings you can accrue in your lifetime and includes the total value of your pensions, including your contributions, your employer’s contributions from your workplace pension, tax relief, and investment returns.
From 6 April 2023, there will be no limit on the amount of tax-efficient pension savings you can accrue. However, the maximum amount of tax-free cash available will remain capped at £268,275.
pension.allowance@lemonadereward.com
Calculation results are only a guide and are not guaranteed, they should not be relied upon as a recommendation or advice that a particular course of action is suitable.
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ilumiti LLP is authorised and regulated by the Financial Conduct Authority - Number 608554. The Financial Conduct Authority does not regulate tax advice.
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