If you have been diligently saving into a pension throughout your working life, you should be entitled to feel confident about your retirement. But unfortunately, the best savers sometimes find themselves inadvertently breaching their pension lifetime allowance (LTA) and being charged an additional tax that erodes their savings.
If you are a high-income earner or wealthy individual, you could be putting too much into your lifetime pension and risk exceeding the pension lifetime allowance.
The government will maintain the pensions Lifetime Allowance at its current level until April 2026, removing the usual annual incremental rises.
The following questions and answers are intended to help you avoid this tax charge.Continue reading “Feel confident about your retirement”